Bank Merger: Public sector banks were combined by the government in two stages. The largest merger, which combined 10 PSBs into four, went into effect on April 1, 2020.
Bank Merger News: Public sector banks (PSBs) have long been the subject of reports regarding mergers and privatization. Vivek Joshi, the secretary of financial services, has now responded to these reports. In light of the Lok Sabha elections, he stated on Friday that he was unable to comment on bank mergers or privatizations. He stated that as there are general elections now taking place, comments on such matters are inappropriate. Let us inform you that the nation is now holding elections for the Lok Sabha. This election has had four voting phases, but the results will be announced on June 4.
There have been two mergers.
Public sector banks were previously integrated by the government in two stages. The largest merger, which combined 10 PSBs into four, went into effect on April 1, 2020. This resulted in the merger of Syndicate Bank into Canara Bank, Andhra Bank and Corporation Bank into Union Bank of India, Oriental Bank of Commerce and United Bank of India into Punjab National Bank, and Allahabad Bank into Indian Bank. Prior to that, on April 1, 2019, Vijaya Bank and Dena Bank combined to form Bank of Baroda.
Combination with First IDFC Bank
Pradeep Natarajan has been appointed as a full-time director to the board of directors of IDFC First Bank, a private company, by the Reserve Bank. The Reserve Bank has accepted the nomination of Pradeep Natarajan as a full-time director, IDFC First Bank informed the stock market. For the past three years, he has served as the bank's executive director. The bank declared that it will take the required actions to finish the procedures for Natarajan's executive director appointment. It said that the nomination is contingent upon the shareholders of the bank approving it.