New Delhi: The Reserve Bank of India (RBI) has taken a major step and decided to exclude 6 banks from their own phase. RBI has excluded the names of six public sector banks including Oriental Bank of Commerce and Allahabad Bank from the second schedule of the RBI Act. The Reserve Bank has issued a notification and given this information.
The names of these six banks are Syndicate Bank, Oriental Bank of Commerce, United Bank of India, Andhra Bank, Corporation Bank and Allahabad Bank. OBC and United Bank of India have been merged with Punjab National Bank, Syndicate Bank at Canara Bank, Andhra Bank and Corporation Bank in Union Bank of India and Allahabad Bank in Indian Bank. After these mergers, there are now seven major and five small government banks left all over the country.
Let us tell you that in the year 2017, there were 27 government banks in the country, which have now come down to 12. In fact, all these banks have been merged. That is why the RBI has made out of the list. Let us tell you that the bank included in the second schedule of the RBI Act is known as a scheduled commercial bank.
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