Current Affairs

Govt. announced Mega Merger of 10 PSBs

Current context: The government of India has announced the merger of 10 Public Sector Banks (PSBs) into 4 banks.
Govt. announced Mega Merger of 10 PSBs 
  • After the merger, the number of public sector banks will crease to 12 banks from 27 banks.
  • The decision has been taken to make a strong financial base for a 5 trillion dollar economy.
  • These 10 banks will get Rs 55,250 crore capital out of Rs 70,000 crore that was allotted this year in the budget for bank’s recapitalisation.
  • Among these banks, PNB got the highest share of Rs 16000 crore and Punjab & Sind Bank got the lowest i.e. Rs 750 crore.
  • 1st merger will be among Punjab Nation Bank, oriental bank of commerce and united bank of India. This will amalgamate will be called Punjab Nation Bank and this merger will make PNB the 2nd largest PSB with a total business of Rs 18 lakh crore.
  • 2nd merger will be between Canara Bank and Syndicate bank. It will be named Canara bank. This will make it 4th largest PSB with the net business of Rs 15.2 lakh crore.
  • 3rd merger will be among Union Bank, Andhra Bank and Corporate Bank. This merger will be named Union bank. It will be 5th largest PSB with the net business of Rs 14.6 lakh crore.
  • 4th merger will be between Indian Bank and Allahabad Bank. This merger will name Indian Bank and it will make it 7thlargest PSB with the net business of Rs 8.08 lakh crore.

Question: 

Q.1 Which among the following is not included in the merger of 10 PSBs, announced recently?
a. Punjab National Bank
b. Canara Bank
c. Syndicate Bank
d. South Indian Bank
Govt. announced Mega Merger of 10 PSBs Govt. announced Mega Merger of 10 PSBs Reviewed by Neha Verma on August 31, 2019 Rating: 5

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