Mega PSU banks merger comes into effect from today onwards; 6 banks cease to exist
The exercise assumes significance as it is taking place at a time when the country is under complete 21-day lockdown.
The exercise assumes significance as it is taking place at a time when the country is under complete 21-day lockdown.
From April 1, 10 public sector banks will be merged into 4.
Six important nationalized banks i.e. Andhra Bank, Allahabad Bank, Corporation Bank, Syndicate Bank, Oriental Bank of Commerce, and United Bank of India, were closed down.
On Wednesday Moody' Investors Service updated its outlook on the PNB to positive from stable.
Punjab National Bank which will be merged with the Oriental Bank of Commerce and United Bank of India, fell over 7 per cent, the most among the state-run banks constituting the PSU Bank Nifty index.
In September, the government had announced the merger of state-owned Vijaya Bank and Dena Bank with the larger peer Bank of Baroda.
In the backdrop of the government approving constitution of an alternate mechanism to oversee proposals of bank mergers, State Bank…
