India's banks are merging again; see the full list of these government institutions here

 India's banks are merging again; see the full list of these government institutions here

Bank Merger in India: The topic of public sector bank mergers has come up once again. This has been the subject of conjecture since a Central Government letter went viral on social media.

Bank Merger in India: The government has once again begun to consider bank mergers. Four banks have merged, according to a document that was shared on social networking site X. Bank of India, Bank of Maharashtra, Union Bank, and UCO Bank may be the next in line for a bank merger. Early in the next year, the parliamentary committee may begin debating the potential merger of these four banks. Two significant banks will emerge in the nation after this merger.

These four banks' names came to light.

This story, which was provided by Reuters, quotes Finance Ministry sources. This states that on January 2, 2024, the government may begin negotiations with representatives of UCO Bank and Union Bank of India. On January 6, 2024, the potential for a merger between Bank of Maharashtra and Bank of India will be investigated. Goa and Mumbai will host these meetings. But according to other reports, it's just a regular workout. Ramesh Yadav, the Deputy Secretary of the Indian Government, has signed this paper. On November 16, the government issued this paper.

Key financial institutions in the nation were contacted.

In addition to these four banks, the report claims that same letter has also been used to contact the chairman of the Reserve Bank of India (RBI), LIC, IRDAI, and NABARD. The MD and CEO of SBI Life Insurance, National Insurance Company, Oriental Insurance Company, United India Insurance Company, and New India Insurance Company have also been invited in this letter.

2019 saw the merger of ten government banks.

In 2019, the nation's central government amalgamated ten government banks. Four government banks were established as a result of this enormous merger. The Cabinet has already given its approval for the merger of five SBI subsidiary banks into State Bank of India. The government combined Union Bank of India and Oriental Bank of Commerce to become Punjab National Bank in March 2020. In addition, Corporation Bank merged with Union Bank of India, Syndicate Bank merged into Canara Bank, as well as Allahabad Bank merged with Indian Bank.