On Friday, Finance Minister Nirmala Sitharaman announced a number of banking reforms. One of the important points was the merger (joining together) of 10 public sector banks into four new banks. Now, the number of Public Sector Banks (PSB) in India will come down to 12 from 27 in 2017.

What are Public Sector Banks?

Banks which are owned largely by the government

Key facts!

• The Finance Minister said that after all these mergers, the banks will now be able to compete at a global level.
• The government has chosen these banks because they run on similar platforms and so, the merger will not disrupt services.
• She did not give the date by which they will complete the mergers.

The mergers are as follows:

• Punjab National Bank will merge with Oriental Bank of Commerce and United Bank. The new bank will be called Punjab National Bank. It will become the second-largest PSB in India, after the State Bank of India.
• Canara Bank and Syndicate Bank will merge and become the fourth-largest PSB in India.
• Union Bank of India will merge with Andhra Bank and Corporation Bank, becoming the fifth-largest public sector bank.
• The fourth merger will be between Indian Bank and Allahabad Bank.
• Ms Sitharaman also announced that they will form a board committee for these banks.
• The board committee will evaluate the performance of bank officers of the rank of general managers and above, including the managing director.
• Directors on the Management Committees of Boards will also get longer tenures.

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