Important events related to Nationalization of Commercial Banks
The second step was taken when 7 State-associated banks were nationalised as subsidiaries of the State Bank of India in 1959.
The last step was the nationalisation of 6 more commercial banks on 15 April 1980. They were: Andhra Bank, Corporation Bank, New Bank of India, Oriental Bank of Commerce, Punjab and Sind Bank, and Vijaya Bank.
Post the mega merger, here are the six PSU banks that remain independent: Indian Overseas Bank, Uco Bank, Bank of Maharashtra and Punjab and Sind Bank, which have strong regional focus, will continue as separate entities.
Bank of India and Central Bank of India will also continue to operate separately as before.
Oriental Bank of Commerce and United Bank merger will merge into Punjab National Bank to create a bank with ₹17.95 lakh crore business and 11,437 branches.
The merger of Syndicate Bank with Canara Bank will create the fourth largest public sector bank with ₹15.20 lakh crore business and a branch network of 10,324.
Andhra Bank and Corporation Bank’s merger with Union Bank of India will create India’s fifth largest public sector bank with ₹14.59 lakh crore business and 9,609 branches.
After the mergers(1st April 2020), the country have 12 public sector banks.
|Name/s of the Bank/s||Merged With|
|Oriental Bank of Commerce and United Bank of India||Punjab National Bank|
|Syndicate Bank||Canara Bank|
|Allahabad Bank||Indian Bank|
|Andhra Bank and Corporation Bank||Union Bank of India|
After the merger, there will be 12 PSUs – six merged banks and six independent public sector banks.
-Six merged banks – SBI, Bank of Baroda, Punjab National Bank, Canara Bank, Union Bank of India, Indian Bank
–Six independent banks – Indian Overseas Bank, Uco Bank, Bank of Maharashtra, Punjab and Sind Bank, Bank of India, Central Bank of India.