 "Each of the amalgamated entities with scale and national reach would have a business of over Rs 8 trillion")
Shares of public sector banks, including State Bank of India (SBI) and Punjab National Bank (PNB), were trading mixed on the National Stock Exchange (NSE) on Wednesday as the government's proposed PSB merger scheme came into effect from today. The consolidation, that will merge 10 PSBs into four, comes at a time when the country and financial system is grappling with adverse fallout of the Covid-19 pandemic.
Effective April 1, Oriental Bank of Commerce (OBC) and United Bank of India (UBI) will merge into Punjab National Bank. Mumbai-headquartered Union Bank, on the other hand, will absorb Hyderabad-headquartered Andhra Bank and
