- Union Finance Minister Nirmala Sitharaman on August 30, 2019 announced the merger of ten public sector banks into four banks.
- The Finance Minister said that after merger of banks, the country will now have 12 public sector banks instead of 27. She said, the profitability of public sector banks has improved and total gross non-performing assets have come down to 7.9 lakh crore rupees in March this year from 8.65 lakh crore rupees in December last year.
- Punjab National Bank: It announced the merger of Oriental Bank of Commerce and United Bank with Punjab National Bank. According to the Union Finance Minister, the merger of PNB, Oriental Bank of Commerce, United Bank will form the second-largest public sector bank with 17.95 lakh crore rupees business.
- Canara Bank: Merger of Canara Bank and Syndicate Bank. The consolidation of Canara Bank and Syndicate Bank will make the 4th largest public sector banks.
- Union Bank of India: The Union Bank of India, Andhra Bank and Corporation Bank will be merged together. The merger of Union Bank, Andhra Bank and Corporation bank will form India’s 5th largest public sector bank with 14.59 lakh crore rupees business.
- Indian Bank: Consolidation of Indian Bank with Allahabad Bank. The consolidation of Indian Bank with Allahabad Bank will become the 7th largest bank with the business of about eight lakh crore rupees.
- SBI continues to be the biggest bank of the country while Bank of Baroda continues to be the third-largest.
