10 Public sector undertaking banks will get amalgamated into 4 banks from 1st April and there are many things you need to know about this merger. Let us read it here.
1- The Indian bank will get merged with Allahbad Bank.
2- Oriental bank of commerce and United bank of India will get merged into one bank, Punjab National Bank. If done, it will be the second largest public sector bank of the country.
3- Syndicate bank will be merged into Canara Bank and it will be the 4th largest public sector lender bank.
4- Customers of both the banks will be treated as the customer of the bank where it has been merged.
5- Once the merger is done, there will be only 12 PSU that is, six independent public sector and six merged banks.
6- Allahbad bank branches will be treated as the branches of Indian Bank.