10 Public Sector Bank mergers that are coming into effect
Public Sector Bank Mergers
With effect from 1 April 2020, ten Public Sector Undertaking (PSU) banks are being merged to form four banks. Post this, another four mergers took place.
The government had announced the merger in August 2019. As this merger comes into effect, the number of public sector banks in India will come down to 12 from the count of 27 (in 2017).
List of Bank Mergers
The various banks that were merged along with the dates are mentioned in the table below:
Anchor Banks | Banks Merged | Date of Merger |
Union Bank of India | Corporation BankAndhra Bank | 1 April 2020 |
State Bank of India | Bharatiya Mahila BankState Bank of TravancoreState Bank of PatialaState Bank of MysoreState Bank of HyderabadState Bank of Bikaner and Jaipur | 1 April 2017 |
Punjab National Bank | United Bank of IndiaOriental Bank of Commerce | 1 April 2020 |
Indian Bank | Allahabad Bank | 1 April 2020 |
Canara Bank | Syndicate Bank | 1 April 2020 |
Bank of Baroda | Vijaya BankDena Bank | 1 April 2019 |
Banks that are not Merged
Post the bank merger, the six independent banks are mentioned below:
- Central Bank of India
- Bank of India
- Punjab and Sind Bank
- Bank of Maharashtra
- UCO Bank
- Indian Overseas Bank
Important things that you need to know about the Bank Mergers
As the merger of the banks mentioned above becomes effective, there are a few things that we should know. Here is a list of all the important details that you need to know about mergers with banks.
- The customers of the merging banks will now be treated as the customers of the banks in which they have been merged. These customers include depositors as well.
- After the merger, with effect from 1 April 2020, there will be a total of 12 PSU banks.
- Out of the 12 PSUs, six banks - Indian Overseas Bank, UCO Bank, Punjab and Sindh Bank, Central Bank of India, Bank of India, and Bank of Maharashtra are going to be independent.
- Out of the 12 PSUs, the other 6 banks - State Bank of India (SBI), Union Bank of India, Punjab National Bank, Canara Bank, Indian Bank, and Union Bank of India are going to be the merged banks.
FAQs on 10 Public Sector Bank mergers that are coming into effect
- What happens to my bank account number and customer ID after my bank gets merged with another bank?
As per the FAQs cited in relation to the amalgamation of UBI and OBC with PNB, customers will be able to continue using the same customer ID, account number, IFSC, debit card, cheque books, MICR, and so on after the merger. However, a new account number and customer ID are likely to be issued for the customers in the future.
- What happens to the standing instructions for utility payments after the merger of my bank with another bank?
There will be no disruptions in regard to these services. There will be no requirement for the resubmission of the mandate. The services will be carried forward seamlessly.
- What happens to the home branch of my bank which just got merged with another bank?
After the merger, you will have access to a greater number of ATMs and branch offices for your service requirements. However, branch rationalisation is a possibility which should be kept in mind.
- What is branch rationalisation?
If the home branch of your bank is in a locality where the branch office of the acquiring bank also has a branch in very close vicinity, it is highly likely that the acquired bank's branch will be shut down.
- What happens to the standing instructions for my loan EMI payments, credit card payments, and RD instalment payments?
Just like the standing instructions for the payment of utilities, the payment for loan EMIs, RD instalment payments, and credit card payments will also be carried on seamlessly. In case, the credentials change in the future, you will be required to update them.
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