Left Menu
Development News Edition

34 functional teams to smoothen merger of UBI, PNB, OBC

PTI | Kolkata | Updated: 02-10-2019 12:01 IST | Created: 02-10-2019 11:57 IST
34 functional teams to smoothen merger of UBI, PNB, OBC
Image Credit: ANI

A total of 34 functional teams have been formed to smoothen the process of merger of United Bank of India (UBI), Punjab National Bank (PNB) and Oriental Bank of Commerce (OBC), a senior official said. The merger is scheduled to come into force from April 1 next year.

"Thirty-four functional teams have been created to come out with solutions for the process of integration," a UBI official told PTI. A team comprises two members each from the three banks from different functional areas, he said.

"The functional teams will also try standardizing the loan process, credit terms and benefits extended to the customers in the interim period till the merger comes into effect to avoid customer-related issues in the future," the official said. The UBI had conducted customer meets at Kolkata, Guwahati, and Patna to allay their apprehensions about the future of banking, the official said.

UBI managing director and CEO A K Pradhan had earlier said that though the balance sheet merger is likely to happen by April 1 next year, it will take another three to six months after that for the HR and IT integration to be completed. He had said the complete harmonization among the three entities would take another 12 to 14 months after the merger.

Senior officials of the three banks had held a meeting recently. The merger will make the new entity the second-largest bank in the country after the State Bank of India (SBI) with a total business volume of Rs 18 lakh crore.

This comes after the Centre's announcement to consolidate 10 public sector banks into four. Allahabad Bank will be merged with Indian Bank while the Union Bank of India, Andhra Bank, and Corporation Bank will be amalgamated.

Canara Bank and Syndicate Bank will also be merged. Last year, the Centre had approved the merger of Vijaya Bank and Dena Bank with Bank of Baroda that came into effect from April 1 this year.

In 2017, the State Bank of India had absorbed five of its associate banks and the Bharatiya Mahila Bank.


TRENDING

OPINION / BLOG / INTERVIEW

Turbulence surrounding tobacco control in Ghana

... ...

Refugee compassion and response: Ideas to mitigate disasters now and in their future

Their homeland becomes a forbidden territory for them and more likely than not, their journey to foreign soil is no less traumatizing, not to say deadly. It is crucial to help refugees live a life of dignity and purpose....

Inadequate water infrastructure causes a tidal wave of coronavirus in rural Alaska

... ...

Videos

Latest News

Keen to learn from drag-flickers in Senior team, says defender Gagandeep Kaur

Defender Gagandeep Kaur, who has been a part of the Indian Junior Womens Hockey team since 2016, is aiming to progress in her career by learning new tricks. The 21-year-old, who had helped the Indian Junior Womens Hockey team to a Gold Meda...

Mumbai Trans Harbour Link project likely to be completed by 2022

Maharashtra Minister for Urban Development Eknath Shinde said that the Mumbai Trans Harbour Link MTHL project is likely to be completed by October 2022. He along with Mumbai Metropolitan Region Development Authority MMRDA chief RA Rajiv on ...

Mexico records 12,127 new COVID-19 cases in past 24 hours

Mexico City Mexico, December 5 ANISputnik Mexico has registered 12,127 new COVID-19 cases within the past 24 hours marking the largest daily increase since the start of the outbreak, the national Ministry of Health said. The total number of...

Napoli stadium renamed after Maradona

Italian side Napolis San Paolo stadium has been renamed after Diego Maradona in memory of the late Argentina legend who led them to their only two Serie A titles during his seven-year run with Napoli from 1984 to 1991. The Naples city counc...

Give Feedback