Andhra Bank, Corporation Bank, Union Bank account holders? Your banks set to merge!
Bank merger: Reserve Bank of India has approved amalgamation of Andhra Bank and Corporation Bank with Union Bank of India; amalgamation become effective from 1 April 2020
Bank merger: The Reserve Bank of India has approved amalgamation of Andhra Bank and Corporation Bank with Union Bank of India. The amalgamation will come into effect from 1st April, 2020. The Amalgamated Entity would be the 4th largest public sector bank in banking network with a spread of 9600+ branches and 12000+ ATMs. Post the amalgamation, Union Bank of India would become the 5th largest public sector bank and 4th largest public sector bank in banking network.
"All the necessary preparation to work as an amalgamated entity is in place," the release said
The amalgamation is undertaken to ensure achieve "a wider network, harmonized products and services, enhanced capital base and increased economies of scale with smooth transition and minimum disruption to customers," the release further said.
"The current amalgamation will open up avenues for customers to benefit from its capabilities to provide enhanced credit exposure with reduced costs, increased operational efficiency owing to centralized processing channels and enhanced multiple delivery channels with increased outreach," the release said.
To enable customers of any of the three banks to conduct operations, interoperability has been built through a specific tool 'Mobi-Teller' which is now being implemented, the release said.
Customer Centricity is the key by bringing in the Best in Class products and services at reduced costs to all its customers, the release said.
Customers will now be able to conduct basic transactions like cash deposit/withdrawal, balance inquiry etc. from any branch of the other two banks as well.
In the wake of COVID 19 outbreak bank has focused on leveraging its technology tools requesting the customers to stay safe and have safe banking, the release said.
The account numbers, MICR Codes, IFSC Codes, cheque books, the mobile apps, portals, usernames, passwords etc. all remain same, the release said.
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The banking regulator today also notified amalgamation of Oriental Bank of Commerce and United Bank of India with Punjab National Bank; Syndicate Bank with Canara Bank; Allahabad Bank with Indian Bank.
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