Merger of 10 PSU banks into 4 effective from today; 6 banks cease to exist

The biggest ever consolidation exercise in the public sector banking space is slated to take shape on Wednesday when six PSU lender will be merged into four in a bid to make them globally competitive.

The exercise assumes significance as it is taking place at a time when the entire country is under the grip of COVID-19 outbreak. It has triggered 21-day lockdown to contain the spread of the deadly virus.

Experts said merger at this point of time will not be very smooth and seamless. However, heads of the anchor banks are exuding confidence. "We don't foresee any problem it is