Customer to IT integration, banks to follow BoB's footsteps during merger

Banks to take cue from merger of BoB, Vijaya Bank, and Dena Bank

bank merger
Illustration: Ajay Mohanty

Customers of six public sector banks (PSBs) may have to migrate to insurance products offered by four anchor banks, which will acquire them during the amalgamation.  The Insurance Regulatory and Development Authority of India (Irdai) does not allow banks to have more than three tie-ups in life, health, and general insurance separately. Finance Minister Nirmala Sitharaman on August 30 announced the merger of six PSBs into four. Punjab National Bank (PNB) will take over Oriental Bank of Commerce and United Bank of India; Canara Bank will subsume Syndicate Bank; Union Bank of ...