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September 26, 2018

Govt Planning to Merge Andhra Bank, PNB & OBC

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After deciding to merge Dena Bank, Vijaya Bank and Bank of Baroda (BoB), the Indian government is now considering merging three more public sector banks by the end of the year 2018. Those 3 public sector banks are Andhra Bank, Oriental Bank of Commerce (OBC) and Punjab National Bank (PNB)

As part of it's efforts to clean up the Indian Banking system, last month, the govt has asked the to make a list of banks for mergers and set a time-frame for bank consilodations. Based on RBI's recommendations, it has announced that it is going to merge 3 top Indian state-owned banks, Bank of Baroda (BoB), Vijaya Bank and Dena Bank to make a single bank. The merged entity will be operational from 1st April 2019.
Reserve Bank of India (RBI)

Punjab National Bank (PNB), Oriental Bank of Commerce (OBC) and Andhra Bank could be next in line for consolidation. The government is currently holding discussions with bank officials and analysing the feasibility of their amalgamation. An announcement in this regard will be released by this year end.

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