Banks' merger to come into effect from April 1 : FM

Sitharaman said the bank merger exercise is on course and will take effect on April 1. “Decisions have already been taken by the respective bank boards,” she told reporters.

There will be no regulatory issues, she said, adding that the government has not sought forbearance from any regulator.

The government had in August 2019 announced the merger of United Bank of India and Oriental Bank of Commerce with Punjab National Bank; Syndicate Bank with Canara Bank; Allahabad Bank with Indian Bank; and Andhra Bank and Corporation Bank with Union Bank of India.

Last year, Dena Bank and Vijaya Bank were merged with Bank of Baroda.

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