New Delhi: The central government recently announced the merger of eight state-owned banks in the country. According to this announcement, Oriental Bank of Commerce and United Bank of India will be merged into PNB. According to the information given to the stock market, the PNB board has approved the merger of the two banks. PNB said that the board has given the information in the meeting. PNB informed the stock market on Thursday that the board meeting has asked the Finance Ministry to consider the merger proposal of the three banks.
The merger has been pushed forward in a meeting chaired by the Finance Minister following the RBI's advice. The government on Friday reported a mega plan to merge 10 public sector banks. In addition, the PNB Board approved the infusion of up to Rs 18,000 crore from the government for preferential allocation of equity shares of the bank at a fixed price as per SEBI regulations. The government on Friday announced a capital infusion of Rs 16,000 crore in PNB. This move of the government has been strongly opposed by the bank employees. Critics say this will affect jobs.
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