With the April 1 deadline for mega merger of 10 state-run banks into four fast approaching, Finance Minister Nirmala Sitharaman on Wednesday asserted that there is no uncertainty about the consolidation process which is going on as per the schedule.
Last year in August, the government announced the consolidation of 10 public sector banks into four mega state-owned lenders effective April 1.
United Bank of India and Oriental Bank of Commerce would be merged with Punjab National Bank, making the proposed entity the second largest public sector bank.
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It was decided to merge Syndicate Bank with Canara Bank, while Allahabad Bank with Indian Bank. Similarly, Andhra Bank and Corporation Bank are to be consolidated with Union Bank of India.
Source: Economic Times
