English Vocabulary from
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To reduce bad lonas, the Indian government has been trying to consolidate its banking sector by merging smaller regional public-sector banks with larger government-owned banks. Merging banks is also meant to create superior lenders which can size up to global competitors.
In the year 2017, the government merged India's largest lender State Bank of India (SBI) with its five associate banks viz State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Raipur, State Bank of Travancore, State Bank of Hyderabad as well as with Bhartiya Mahila Bank (BMB).
Later the government merged Bank of Baroda (BoB) with Dena Bank and Vijaya Bank, making it India's 2nd largest bank beating private sector lender ICICI Bank.
Last year, the government engineered state-owned Life Insurance Corp's takeover of IDBI Bank, a step to ensure that the bank with one of the highest levels of bad loans on its books is well capitalised.
About Punjab National Bank (PNB) :
The bank was founed in 1984. It has around 11 Crore customers. The bank has around 7000 branches, 10600 ATMs. In the financial year 2017-18, the bank has faced the loss of Rs. 12,283 Cr and the profit of Rs. 56,876 Cr. Total assets of the bank Rs. 7,65,830 Cr. Total staff of the bank around 71,000.
About Andhra Bank :
The medium sized public sector bank as founded in the year 1923. It offers it's services in 25 states and 3 union territories. It has 2,900 branches, 3,798 ATMs. The Indian government owns 90.85% of its share capital and LIC holds 7.66% of the shares in the bank.
About Oriental Bank of Commerce :
The bank was founded in the year 1943. Headquartered in Gurgaon, the bank currently has around 2700 branches and 2621 ATMs. In the financial year 2017-18, the bank faced the loss of Rs. 5,871 Cr.
Allahabad Bank :
The Kolkata headquartered bank was founed in 1895. In has 3,245 branches all over India. In the financial year 2018-19, it has faced the loss of Rs. 8334 Cr.
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