Tag: merging banks

The mega bank consolidation plan is all set to come into force from April 1, 2020. The branches of merging banks will operate as of the banks in which these have been amalgamated. Also, the customers of merging banks will be treated as customers of the banks in which these banks have been merged with effect from April 1, 2020. The government on March 4 had notified the amalgamation schemes for 10 state owned banks into four as part of its consolidation plan to create bigger size stronger banks in the public sector. As per the scheme, Oriental Bank of Commerce and United Bank of India will be merged into Punjab National Bank; Syndicate Bank into Canara Bank; Allahabad Bank into Indian Bank; and Andhra Bank and Corporation Bank into Union Bank of India.