New Delhi: The Union Government had announced the integration of banks in the past. The government has announced the formation of a total of 34 teams for the merger process of United Bank of India, Punjab National Bank and Oriental Bank of Commerce. These teams will smooth and simplify the merger process. An official said that these teams have been formed for the purpose of presenting solutions for the process of integration. The merger will be effective from April 1, 2020. A United Bank of Commerce official has said that a team consists of 2–2 members from 3 banks of different verticals.
He informed that these teams formed will give solutions related to the loan process, benefits to the customers, etc. so that the integration process is smooth and easy and the customers do not have to face problems in the coming time. On August 30, Finance Minister Nirmala Sitharaman announced some announcements related to the banking sector. The Finance Minister had said that in this, 10 banks in the public sector were merged to form 4 banks. The finance minister had announced that Punjab National Bank, Oriental Bank of Commerce and United Bank would merge into one.
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