Reserve Bank of India (RBI) has decided to go ahead with the merger plan of ten state-run banks into four larger banks from April 1. RBI’s statement comes after Finance Minister Nirmala Sitharaman’s clarification on Thursday that the mega bank consolidation plan was very much on track and would take effect from April 1. The scheme will merge Oriental Bank of Commerce and United Bank of India into Punjab National Bank; Syndicate Bank into Canara Bank; Allahabad Bank into Indian Bank; and Andhra and Corporation Banks into Union Bank of India.
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Mega Bank Merger Drive effective from April 1
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