The Indian Government Announced Big Bank Changes that involve 10 Indian Public sector banks (PSBs).
These banks will be strategically merged to create 4 large banks. With the merger announcement, India’s PSB count has come down from 27 in 2017 to 12.
Punjab National Bank, Oriental Bank of Commerce and United Bank of India will combine to form the nation's second-largest lender; Canara Bank and Syndicate Bank will merge; Union Bank of India will amalgamate with Andhra Bank and Corporation Bank; and Indian Bank will merge with Allahabad Bank.
What Are The Implications For You?
If you are a customer of one or more of the banks being merged, there is no need to panic.
There is no need for any immediate action for account holders. We expect that the merger may or may not have the following implications for you over a period of time:
1) The integration changes could impact your account number
2) You may have to reset the automated instructions that you might have set up for payments of utility bills, loans, SIPs, etc.
3) You may receive new cheque leaves, your old cheque leaves may expire on a pre-determined date. Follow Us on LinkedIn to keep updated of the changes