FM Nirmala Sitharaman announces Mega PSB merger; Punjab National Bank to Allahabad Bank, 10 banks amalgamated into 4
The Canara Bank and Syndicate Bank will be merged into one entity. At the same time, Union Bank of India, Andhra Bank and Corporation Bank will be amalgamated into a single entity. Indian Bank and Allahabad Bank will become one entity too.
The PM Narendra Modi led NDA government has announced major reforms in the banking sector, Photo: Reuters