QOTD - Which of the following is not one of the ten banks whose merger had been announced recently?


2019-09-01 | Team PendulumEdu

Options:

  1. Indian Bank
  2. Punjab National Bank
  3. Allahabad Bank
  4. UCO Bank

Solution:

Merger of 10 PSU Banks into 4 Banks

Union Finance Minister Nirmala Sitharaman announced the merger of 10 public sector banks into four. The merger scheme is as follows:

  • Indian Bank will be merged with Allahabad Bank (Anchor bank - Indian Bank)
  • The merger of Punjab National Bank, Oriental Bank of Commerce and United Bank (Anchor bank- PNB)
  • The merger of Union Bank of India, Andhra Bank and Corporation Bank (Anchor bank - Union Bank of India)
  • Syndicate Bank will be merged with Canara Bank (Anchor bank - Canara Bank).

The government will also infuse capital of over Rs. 55,000 crores into the following public sector banks:

  1. PNB - Rs. 16,000 crore
  2. Union Bank of India - Rs. 11,700 crore
  3. Bank of Baroda - Rs. 7000 crore
  4. Indian Bank - Rs. 2500 crore
  5. Indian Overseas Bank - Rs. 3800 crore
  6. Central Bank - Rs. 3300 crore
  7. UCO Bank - Rs. 2100 crore
  8. United Bank - Rs. 1,600 crore
  9. Punjab and Sind Bank - Rs. 750 crore

The government had already approved the merger of Vijaya Bank and Dena Bank with Bank of Baroda (BoB).

In 2017, the State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, State bank of Travancore and the Bharatiya Mahila Bank merged with State Bank of India, making it the largest lending group in India.

Now, there will be 12 public sector banks after the consolidation of Public Sector banks instead of 27 earlier.

These will be as follows:

  1. Bank of India
  2. Bank of Baroda
  3. Bank of Maharashtra
  4. Central Bank of India
  5. Indian Overseas Bank
  6. Punjab & Sind Bank
  7. State Bank of India
  8. UCO Bank
  9. Indian Bank
  10. Union Bank of India
  11. Canara Bank
  12. Punjab National Bank

Hence, (D) is the correct answer.

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