Mass merger of banks take place, 10 state-run banks reduced to 4
Image Credit: shortpedia
The government's mega merger plan to strengthen the financial system came into effect on Wednesday, combining 10 state-run banks into four. The merger of the bank was announced in August last year by the finance minister. The merger combines Punjab National Bank, Oriental Bank of Commerce and United Bank into one lender managing business worth Rs 17.95 lakh crore. Canara Bank stands merged with Syndicate bank.