ENA Sectors 2019-08-31 08:32:20 <p><strong>New Delhi, Aug 31 (KNN)</strong> Aiming to improve financial health of banks and enhancing their lending capacity to support growth, the Finance Minister Nirmala Sitharaman has announced the mega-merger of 10 public sector banks into four.</p> <p>Under the scheme of amalgamation, Indian Bank will be merged with Allahabad Bank (anchor bank - Indian Bank); PNB, OBC and United Bank to be merged (PNB will be the anchor bank); Union Bank of India, Andhra Bank and Corporation Bank to be merged (anchor bank - Union Bank of India); and Canara Bank and Syndicate Bank to be merged (anchor bank - Canara Bank).</p> <p>After amalgamation, the number of PSU banks will come down from 27 to 12, according to the Finance Minister announcement.</p> <p>The mergers would help in better management of capital, she said, while announcing the merger proposal as a part of a package of reforms for the economy.</p> <p>She also announced a series of governance reforms for government banks in the hope that the capital infused by the government into the lenders would result in stronger banks .</p> <p>Last year also, the government had approved the merger of Vijaya Bank and Dena Bank with Bank of Baroda.</p> <p><iframe frameborder="0" height="500" id="mgiframe" src="//mg.mgid.com/mghtml/framehtml/c/k/n/knnindia.co.in.338951.html" width="100%"></iframe></p> 23562 https://knnindia.co.in/news/newsdetails/sectors/fin-min-announces-mega-merger-of-10-psu-banks-into-four 2019-08-31 08:32:20 knnindia.co.in