PNB, OBC, United Bank merger will make second-largest PSB: Sitharaman

Finance Minister Nirmala Sitharaman has announced that Punjab National Bank, Oriental Bank of Commerce and United Bank will be brought together and they shall form the second largest public sector bank with the business of Rs 17.95 Lakh Crore.

She also announced the merging of Canara Bank with Syndicate Bank that will be the fourth largest Public Sector Bank with a business of Rs 15.20 lakh crores.

After today's announcement (merger of banks) post-consolidation, India will now have 12 Public Sector Banks from 27 Public Sector Banks, the finance minister said.

Finance Minister Nirmala Sitharaman: Punjab National Bank, Oriental Bank of Commerce and United Bank will be brought together and they shall form the second largest public sector bank with business of Rs 17.95 Lakh Crore. pic.twitter.com/QhFCMVq2Gn

— ANI (@ANI) August 30, 2019