Which Banks Are Merging?

In big banks merger, Sitharaman announced that government has decided to merge Punjab National Bank, Oriental Bank of Commerce and United Bank; Canara Bank and Syndicate Banks; Union Bank of India, Andhra Bank and Corporation Bank; and Indian Bank and Allahabad Bank.

Which banks are merged in 2019?

For instance, in the consolidation that happened in April of 2019, Vijaya Bank and Dena Bank (amalgamating banks) were merged into Bank of Baroda (the anchor bank).

Retail customers including account holders of amalgamating banks are likely to get affected.

Merged banksHome Loan rates as on 31/08/2019
Canara Bank8.70%

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Which banks are getting merged?

For instance, in the consolidation that happened in April of 2019, Vijaya Bank and Dena Bank (amalgamating banks) were merged into Bank of Baroda (the anchor bank).

Retail customers including account holders of amalgamating banks are likely to get affected.

Merged banksHome Loan rates as on 31/08/2019
Andhra Bank8.80%

10 more rows

Which banks are merging with SBI?

The Bank of Madras merged into the other two “presidency banks” in British India, the Bank of Calcutta and the Bank of Bombay, to form the Imperial Bank of India, which in turn became the State Bank of India in 1955.

Why are banks merging?

The move is aimed at creating a robust banking system with global reach. “The mergers should help create stronger institutions thereby leading to efficiencies of scale and stronger balance sheets. It will help rationalize costs across many areas including branches, people, technology etc.