Finance Minister Nirmala Sitharaman to meet Heads of Merging Banks on Thursday


New Delhi: Finance Minister Nirmala Sitharaman will meet with the heads of public sector banks engaged in merger on Thursday. These banks are going to be merged into different groups from April 1. Sources said, the Finance Minister will review the plans and preparations for the merger in this meeting.

Earlier this month, the Union Cabinet approved a proposal to integrate ten public sector banks into four banks. Sources said that after the merger in a meeting with the Finance Minister on March 12, the readiness of these banks to make banking services and products accessible to customers will also be reviewed.

Further, their financial and business plans will also be discussed. It will also include topics such as projections of growth in its debt and deposit business and achieving time-bound goals of coordination after the merger.

As per the proposal, Oriental Bank of Commerce (OBC) and United Bank of India (UBI) in Punjab National Bank (PNB), Syndicate Bank in Canara Bank, Union Bank of India and Andhra Bank and Corporation Bank in one and Indian Bank And Allahabad Bank will be merged into one. This merger will make PNB the second largest commercial bank.