(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 |
