Consolidation of 10 PSU Banks into 4 (2020)

iAbout This Scheme

Effective 1 April 2020, the Government of India merged 10 public sector banks into 4 anchor banks: Oriental Bank of Commerce and United Bank of India into Punjab National Bank; Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank. This reduced PSU banks from 27 to 12.

🎁Key Benefits

• Larger, stronger banks with greater lending capacity
• Seamless account migration for all customers
• Reduced number of weak banks prone to NPAs
• Existing deposits and loans continue at contracted terms
• Combined entity's improved CASA ratio and CRAR
• Rationalized branch network reducing operational costs

✅Eligibility Criteria

• 1
  All customers of merged banks (Oriental Bank, United Bank, Syndicate Bank, Andhra Bank, Corporation Bank, Allahabad Bank)

📝How to Apply

❓Frequently Asked Questions