4 State-Run Banks In Place Of 10 From Today As Mega Merger Takes Effect

The big consolidation in the country’s public banking sector is part of the government’s plan of making India a $5-trillion economy by 2025.
The government’s mega merger plan to strengthen the financial system came into effect on Wednesday, combining 10 state-run banks into four. Announced in August last year, the merger combines Punjab National Bank, Oriental Bank of Commerce and United Bank into one lender managing business worth Rs 17.95 lakh crore. Similarly, Canara Bank stands merged with Syndicate Bank; Andhra Bank and Corporation Bank with Union Bank of India, and Indian Bank with Allahabad Bank. The big consolidation in the country’s public banking sector is part of the government’s plan of making India a $5-trillion economy by 2025.