PSU Banks Mega Merger- The Reserve Bank of India has published 4 notices on its official website rbi.org.in that the branches of Allahabad Bank, Andhra Bank, Oriental Bank of Commerce and Syndicate Bank to branches to operate as Indian Bank, Union Bank of India, Punjab National Bank and Canara Bank respectively. This change will come into effect from 1st April 2020. You can check the official press release by RBI from the link given below:
RBI’s Notice – PSU Bank Merger to come into effect from 1st April
The government is on its toes to go ahead with the public sector bank mergers effectively from 1st April 2020 and the Reserve Bank of India has already made 4 press release regarding the same. RBI has sai, “All customers, including depositors of amalgamating banks, will automatically be transferred to the principal bank under the merger process.”
The Mega Merger was announced by the Modi-government last year in August and earlier this year the cabinet gave green signal for the mergers that will lead to consolidation of operations of 10 Public Sector Banks into four.