Bank Mergers
Banking · बैंक विलय · 16 facts
Before mergers, India had 27 public sector banks (PSBs)
After all mergers, PSBs reduced from 27 to 12 banks
SBI merger (1 April 2017): 5 associate banks + Bharatiya Mahila Bank merged into SBI
SBI associates: SBBJ, SBH, SBM, SBP, SBT — all merged into SBI in 2017
Mega merger (1 April 2020): 10 PSBs merged into 4 anchor banks
PNB + OBC + United Bank = PNB (largest merger in 2020)
Canara Bank + Syndicate Bank = Canara Bank
Union Bank + Andhra Bank + Corporation Bank = Union Bank of India
Indian Bank + Allahabad Bank = Indian Bank
Vijaya Bank + Dena Bank merged with Bank of Baroda (1 April 2019)
Purpose of mergers: create globally competitive large banks, reduce costs
After mergers, SBI is India largest bank by assets, deposits and branches
New Bank of India was merged with PNB in 1993 — first PSB merger
12 PSBs after mergers: SBI, PNB, BoB, Canara, Union, Indian, IoB, CBI, BoI, PSB, UCO, BoM
Narasimham Committee II (1998) first recommended consolidation of PSBs
Merged banks retain original license; customers shifted to anchor bank