Bank Merger: Punjab National Bank (PNB) becomes 2nd-largest Indian commercial bank after SBI; here is how
Bank Merger: As notified by the Reserve Bank of India (RBI), the amalgamation of Punjab National Bank, United Bank of India and Oriental Bank of Commerce has come into effect from today.
Bank Merger: As notified by the Reserve Bank of India (RBI), the amalgamation of Punjab National Bank, United Bank of India and Oriental Bank of Commerce has come into effect from today i.e. from 1st April 2020, to create the second-largest nationalised bank of the country - both in terms of business and branch network. The synergy from the amalgamation will create a globally competitive, next-generation bank PNB 2.0, claimed Punjab National Bank. Meanwhile, the State Bank of India (SBI) will remain number one Indian Commercial Bank.
Commenting on the merger of banks; SS Mallikarjuna Rao, MD & CEO at Punjab National Bank said “We are honoured to be a part of this historic moment. The new amalgamated entity - built on the illustrious tradition of legacy, ethos and trust – will also be an advanced new generation bank offering diversified products and highly personalized services to our customers. The bigger geographical footprint will help us serve our customers more effectively and efficiently.”
All nation-wide branches of United Bank of India and Oriental Bank of Commerce will now function as Punjab National bank (PNB) branches while all customers, including depositors, will be treated as PNB customers. The amalgamated bank will have a wider geographical reach through 11,000 plus branches, more than 13,000 ATMs, one lakh employees and a business mix of over INR 18 lakh crore.
In the initial phase itself, PNB 2.0 will be offering specified inter-operable services through all branches and all platforms including Mobile and Internet Banking. To smoothen the customer transition, the Bank has appointed Bank Sathi at all branches/zones/head office (of all three banks) who will address customer concerns and assist them in choosing the right products and services. A robust Risk Governance mechanism has been set up to mitigate risks and make the banking experience secure and safe.
In terms of customer experience, PNB 2.0 will endeavour to be a true next-generation bank with state-of-art products and services, created and delivered by the most modern technology.
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