Diabytes
Bank Merger News
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These banks are those whose mergers with other banks took effect from April 1, 2019, and April 1, 2020, and their names include Dena Bank, Vijaya Bank, Corporation Bank, Andhra Bank, Oriental Bank of Commerce, United Bank and Allahabad Bank.
Dena and Vijaya Bank were merged with Bank of Baroda with effect from April 1, 2019. Oriental Bank of Commerce and United Bank of India were merged with Punjab National Bank (PNB).
Syndicate Bank merged with Canara Bank, Andhra Bank and Corporation Bank merged with Union Bank of India, and Allahabad Bank merged with Indian Bank.
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New rules have come into force from today (February 15).
Customers will have to use the new IFSC code for money transfer.
Allahabad Bank's checkbook and ATMs will continue to work for the next 6 months.
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The new financial year is set to begin on Wednesday (April 1) and this year this day is significant because it will witness see the merger of six public sector banks into four (anchor banks).
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The Union Cabinet, chaired by Prime Minister Narendra Modi on Wednesday (March 4) approved the mega consolidation of ten Public Sector Banks into four, including the amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank, Syndicate Bank into Canara Bank, Andhra Bank and Corporation Bank into Union Bank of India and Allahabad Bank into Indian Bank.
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Besides several central trade unions, the All India Bank Officers' Association (AIBOA) has also extended support to the strike. AIBOA has clearly asked its members to not join work today.
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According to AIBEA General Secretary, members of AIBEA and BEFI (Bank Employees Federation of India) will be on strike on Tuesday across the country. Other unions in the industry are extending their support for the strike.
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The meeting assumes importance as this will be her first meeting with PSB heads after she announced amalgamation of 10 public sector banks into on August 30.
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The rating agency said that though the proposed amalgamations may face hiccups in short term, the governance reforms are a step in the right direction to improve the overall functioning of PSBs.
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Centrum Broking Research's report said that the consolidated banks will likely see an improvement in economies of scale and efficiency of operations over the medium-long term.
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The government on Friday announced the mega-merger of 10 PSU banks into four, where the Punjab National Bank, the Oriental Bank of Commerce and the United Bank to merge become the second-largest PSB while the Canara Bank and the Syndicate Bank will amalgamate to make the fourth-largest PSU bank entity.
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Punjab National Bank will become the second largest PSB in India with a total business of Rs 17.5 lakh crore post the merger while that of the Canara Bank and Syndicate Bank will be Rs 15.20 lakh crore.
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Mergers of PSU banks should be done only after balancesheets are cleaned up and these are nursed back to health with adequate capitalisation, said former RBI governor Raghuram Rajan.
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SBI has started charging more from its millions of account holders, including those of the 6 lenders merged with it this month, for not maintaining minimum balance as well as for services like cheque books and lockers.
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Shares of State Bank of India today surged over three per cent in early morning trade after its board cleared the merger of five associate banks and Bharatiya Mahila Bank with itself.
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SBI first merged its State Bank of Saurashtra with itself in 2008. Two years later in 2010, State Bank of Indore was merged with SBI.
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