New Delhi: Between the Coronavirus crisis and lockdown, the government is going to merge banks on April 1 to improve the banking system of the country. This step of the Modi government at the Center will give more strength to the banking system of the country. In the beginning of April, 4 new banks will be established by merging 10 banks.

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United Bank of India (UBI) and Oriental Bank of Commerce (OBC) have been merged with Punjab National Bank (PNB). After this merger, it has become the second largest public sector bank. While Syndicate Bank (SB) is merged with Canara Bank (CB). Allahabad Bank (AB) has been merged with Indian Bank (IB) and Andhra Bank and Corporation Bank have been merged into United Bank of India.

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After this merger, there will be seven large size banks in the country whose business will be more than 8 lakh crore rupees. After this merger, seven big banks, five small banks will remain in the country. In the year 2017, there were 27 number of public sector banks. Tthe government merged Bank of Baroda, Dena Bank and Vijaya Bank. After the merger of these three banks, the bank has become the third largest bank in the country.

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