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15 banks to be closed & merged into 5 major banks

15 banks to be closed & merged into 5 major banksA recent news have been circulating in the social media that 15 PSB banks will be closed and they will be merged into 5 major PSB banks. Various threats are spreading across the social media related to the people’s deposit amount in these banks, that they will end up loosing their deposits.

Though proposal has been raised for this merger, the second part of the news seems to be a fake one. There will not be any loss of deposit amounts. All the deposits will be moved to merged bank accordingly.

Click here to read more on fake news circulated before on the bank merger!!!

The country’s biggest merger of SBI’s associate banks with SBI, has made certain other PSB banks also to take up the same route. Following 5 banks have submitted their merger proposal to Government:

  1. Punjab National Bank
  2. Canara Bank
  3. Union Bank of India
  4. Bank of India
  5. Bank of Baroda

Is Bank strike on Dec 27?

Its well known fact that Indian banking sector are facing with the problem of NPAs for the past few years. The budget sanctioned for capital infusing by Government is also also not sufficient for the banks.¬†This merger decision will increase the bank’s asset value and thus will be in a position to lend out more loans.

5 days continuous holiday for banks in December 2017!!

The list of banks that are expected to be merged are as below:

  • Punjab National Bank
    1. Allahabad Bank
    2. Corporation Bank
    3. Indian Bank
    4. Oriental Bank of Commerce
  • Canara Bank
    1. Indian Overseas Bank
    2. Syndicate Bank
    3. UCO Bank
  • Union Bank of India
    1. Central Bank of India
    2. Dena Bank
    3. IDBI
  • Bank of India
    1. Andhra Bank
    2. Bank of Maharashtra
    3. Vijaya Bank
  • Bank of Baroda
    1. Mahila Bank
    2. Punjab & Sind Bank
    3. United Bank of India

Click here to view nifty target for tomorrow.

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3 comments

  1. In the list provided, the name at #3 under B.O.B should be “UNITED Bank of India”. pls. rectify.

     
  2. Convergence is always better. Good governance, indeed…!

     

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