New Delhi: The central government taking a big decision announced the merger of ten state-owned banks in the country. According to this announcement by the government, United Bank of India and Oriental Bank of Commerce are to be merged with Punjab National Bank. After this merger, this bank will become the second-largest bank in the country after the State Bank of India (SBI) the total business will be of Rs 18 lakh crore.
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Ashok Kumar Pradhan, managing director and CEO of United Bank of India, UBI, said that the merger process would take some time and the new entity would start functioning from April 1, 2020. The three banks gave this information in a customer meeting organized jointly. During this time it was said that after the merger there would be no cuts in its staff. Banks have also ruled out the possibility of VRS. After the merger, the total number of employees will be around one lakh.
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The Finance Minister recently announced the formation of four banks by merging 10 government banks (PSBs). In which Punjab National Bank will merge with United Bank of India and Oriental Bank. Similarly, Union Bank of India, Andhra Bank and Corporation Bank will be together in the second merger. Apart from this, Canara Bank will merge with Syndicate Bank and Indian Bank will be merged with Allahabad Bank. After this announcement by the government, the bank workers working in these banks came out on the protest. They said that this would affect jobs. But the government has dismissed this apprehension.