Mega Merger of 10 PSBs – Effective from 1st April 2020

Published on March 30, 2020
Current Context: Union Finance Minister Nirmala Sitharaman announced a big consolidation of public sector banks in 2019. As per this 10, public sector banks are to be merged into 4 banks.
Mega Merger of 10 PSBs – Effective from 1st April 2020
  • Therefore, Reserve Bank of India has notified with a circular that the mega-merger of 10 PSBs will be effective from the start of the new financial year i.e. 1st April 2020.
  • Banks which will be merged are as follows :
    • Oriental Bank of Commerce and the United Bank of India will be merged into Punjab National Bank. Andhra Bank and Corporation Bank will be merged into Union Bank of India. Allahabad bank will be merged into Indian Bank. And Syndicate bank will be merged into Canara Bank.
  • After the amalgamation, the total number of Public Sector Banks in the country will come down to 12 banks.

Static Part: 

  • RBI HQ: Mumbai
  • RBI Governor: Shaktikant Das

Question:

Q.1 Where is the headquarter of Canara Bank?
a. Mumbai
b. Chennai
c. Bengaluru
d. Kolkata

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