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Punjab National Bank board approves amalgamation with OBC, United Bank

The government on Friday announced infusion of Rs 16,000 crore in PNB for a smooth and seamless amalgamation

Press Trust of India  |  New Delhi 

Punjab National bank

The board of (PNB) has given in-principle approval for amalgamation of and with PNB.

The board meeting held on Thursday followed the ministry asking the three to consider the proposal of amalgamation, PNB said in a regulatory filing.

The Alternative Mechanism headed by the minister after consultation with Reserve Bank of India has given the go-ahead for the amalgamation.

The government on Friday unveiled a mega plan to merge 10 public sector into four as part of plans to create fewer and stronger global-sized lenders as it looks to boost economic growth from an over six-year low.

Besides, the PNB board cleared a capital infusion of up to Rs 18,000 crore by the government for preferential allotment of equity shares of the bank at a price determined in terms of SEBI regulations.

The government on Friday announced infusion of Rs 16,000 crore in PNB for a smooth and seamless amalgamation.

The Extra General Meeting (EGM) in this regard will be held on October 22 for obtaining approval of shareholders, it said.

First Published: Thu, September 05 2019. 14:15 IST
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