MERGE BANKS IN INDIA
How many public sector banks are there after the merger?
There are now 12 public sector banks after the merger. Earlier, the number of public sector banks was 27.
Which are the merged banks, and which are the independent banks?
The merged banks are Canara Bank, Punjab National Bank, Bank of Baroda, India Bank, Union Bank of India, and State Bank of India.
Some of the banks that were region-centric remained independent entities. They are the Central Bank of India, the UCO Bank, the Bank of Maharashtra, the Punjab and Sind Bank, and the Indian Overseas Bank.
Which are the associate banks that were merged with the State Bank of India?
The associate banks that merged with the State Bank of India were the State Bank of Travancore, the State Bank of Hyderabad, the State Bank of Mysore, the State Banks of Bikaner and Jaipur, the State Bank of Patiala, and the Bharatiya Mahila Bank.
Indian Bank merged with which bank?
Indian Bank merged with Allahabad Bank, with Indian Bank acting as the acquirer.
What was the main objective of a bank merger in India?
The main objectives of bank mergers in India were to improve the overall economy, improve profitability, reduce the volume of NPAs, improve efficiency, and widen the global reach with an increased branch network.
Is a bank merger good?
A bank merger has its own benefits.
- There will be a positive impact on the overall economy.
- Competition among the players in the same industry will decrease, resulting in increased profitability.
- Customers will have a wider range of products and services to choose from. The geographical reach will widen owing to the increase in the number of branches.
- Technical efficiency will improve.
- reduction in operational costs.
- The removal of unnecessary posts and designations will result in lower operational costs.
