RBI approves merger of several public sector banks from April 1

The Reserve Bank of India (RBI) on Saturday approved the merger of several public sector banks from April 1. All branches of the Allahabad Bank will function as branches of Indian Bank and customers, including depositors of Allahabad Bank, will be treated as customers of Indian Bank from April 1.

In addition to this, all branches of Syndicate Bank will function as branches of Canara Bank and customers, including depositors of Syndicate Bank, will be treated as customers of Canara Bank with effect from April 1. 

Also, the branches of Andhra Bank and Corporation Bank will function as branches of Union Bank of India and customers, including depositors of Andhra Bank and Corporation Bank, will be treated as customers of Union Bank of India with effect from April 1. 

The branches of Oriental Bank of Commerce and United Bank of India will function as branches of Punjab National Bank and customers, including depositors of Oriental Bank of Commerce and United Bank of India, will be treated as customers of Punjab National Bank with effect from April 1.

The merger comes even as the nation faces a major crisis and in under 21-day lockdown due to the deadly coronavirus COVID-19 pandemic.