Focus: GS-III Indian Economy
Why in news?
The merger of public sector banks (PSBs) will become effective from April 1, 2020, with the Cabinet giving nod to the proposal on 4th March 2020.
The consolidation of 10 PSBs into four includes the merger of:
- Oriental Bank of Commerce and United Bank of India into Punjab National Bank.
- The amalgamation of Syndicate Bank into Canara Bank.
- The merger of Andhra Bank and Corporation Bank into Union Bank of India, and
- The amalgamation of Allahabad Bank into Indian Bank.
- The banks have submitted their scheme of amalgamation to Cabinet, which has been approved.
- They are on course to complete the amalgamation without affecting any of their core banking functions