Mega merger of banks to be effective from April 1: RBI

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Mumbai: The Reserve Bank of India said the schemes for the merger of ten state-run banks into four lenders are coming into force from April 1.

In separate releases announced the RBI said the branches of merging banks will operate as of the banks in which these have been amalgamated.

As per the scheme, Oriental Bank of Commerce and United Bank of India will be merged into Punjab National Bank; Syndicate Bank into Canara Bank; Allahabad Bank into Indian Bank; and Andhra and Corporation banks into Union Bank of India.

The RBI said in separate releases said that the branches of Oriental Bank of Commerce and United Bank of India will operate as branches of Punjab National Bank from April 1, 2020, and branches of Syndicate Bank as that of Canara Bank.

The Allahabad Bank branches will operate as those of Indian Bank while the branches of Andhra Bank and Corporation Bank will function as the branches of Union Bank of India from the beginning of the next fiscal year 2020-21, the RBI release said.

The release said customers, including depositors of merging banks, will be treated as customers of the banks in which these banks have been merged with effect from April 1, 2020.

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