10 Public Sector Banks Merged into 4 Entities, Here's the Details of These Banks

In a major reform measure, Union Finance Minister Nirmala Sitharaman addressed her second press conference on the economic slowdown. The finance minister announced the merger of 10 public sector banks into four entities, which includes the amalgamation of;

(i) Punjab National Bank + Oriental Bank of India + United Bank of India = Punjab National Bank
(ii) Canara Bank + Syndicate Bank = Canara Bank
(iii) Union Bank + Andhra Bank + Corporation Bank = Union Bank
(iv) Indian Bank + Allahabad Bank = Indian Bank

Meanwhile, India's GDP growth falls to 5% in the April-June quarter from 5.8% in the January-March quarter. India will now have 12 Public Sector Banks from 27 Public Sector Banks.
 

List of 10 Banks to be Amalgamated into 4 NextGen PSBs

Head/Anchor Bank	Merged banks	Business Size (Rupees)	PSB Rank by Size
Punjab National Bank	Punjab National Bank Oriental Bank of Commerce United Bank of India	17.94 Lakh crore	2nd largest Bank
Canara Bank	Canara Bank Syndicate Bank	15.20 Lakh crore	4th largest Bank
Union Bank of India	Union Bank of India Andhra Bank Corporation Bank	14.59 Lakh crore	5th largest Bank
Indian Bank	Indian Bank Allahabad Bank	8.08 Lakh crore	7th largest Bank
State Bank of India (Merged earlier)		52.65 Lakh crore	1st largest bank
Bank of Baroda (Merged earlier)		16.13 Lakh crore	3rd largest bank

 

Business Size of Remaining 6 Banks:

Bank	Business Size
Bank of India	9.03 Lakh crore (6th Largest Bank)
Central Bank of India	4.68 Lakh crore
Indian Overseas Bank	3.75 Lakh crore
UCO Bank	3.17 Lakh crore
Bank of Maharashtra	2.34 Lakh crore
Punjab & Sind Bank	1.71 Lakh crore

The Central Government will invest Rs 55,250 Crore of capital in these Banks for their credit growth and regulatory compliance with a purpose to boost the economy. 

Finance Minister Nirmala Sitharaman has also given the estimated amount of capital that will be invested in these state-run banks. The estimated amount is are as follows:

Bank Name	Amount (Rs. in crore)
Punjab National Bank	Rs 16,000
Union Bank of India	Rs 11,700
Bank of Baroda	Rs 7,000
Canara Bank	Rs 6,500
Indian Bank	Rs 2,500
Indian Overseas Bank	Rs 3,800
Central Bank of India	Rs 3,300
UCO Bank	Rs 2,100
United Bank	Rs 1,600
Punjab & Sind Bank	Rs 750