Question
Download Solution PDFIn the year 2020, the Oriental Bank of Commerce (OBC) and the United Bank of India were merged with which of the following banks ?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is "Punjab National Bank".
Key Points
- By combining with anchor bank PNB on April 1, 2020, Oriental Bank of Commerce and United Bank of India would possess a combined value of Rs. 7.95 trillion, establishing it as India's second-largest bank.
- PM Narendra Modi declared a massive merger of India's ten public sector undertaking (PSU) banks into four in August 2019.
- The cabinet's acceptance of the proposal was communicated the next year by Minister Nirmala Sitharaman. The mergers were scheduled to go into effect on April 1st, 2020.
- When two or more banks combine their resources to operate under a single charter, they are said to have merged. Usually, the name of the bank will be carried over by the combined firm.
- Therefore, the correct answer is: Punjab National Bank
- After merging with Syndicate Bank, Canara Bank had a combined market value of Rs. 15.2 trillion, making it India's fourth-largest bank.
- Union Bank of India has merged with Andhra Bank, Corporation Bank, and other banks. The anchor bank would rank fifth among India's state-run banks after the merger, with an estimated value of Rs. 14.59 trillion.
- With a combined value of Rs. 8.08 trillion, Indian Bank would be the seventh-largest PSB following the merger with Allahabad Bank.
- Vijaya Bank and Dena Bank were combined with the Bank of Baroda. The merger became official on April 1, 2019.
- 2017 saw a merger between the State Bank of India and Bharatiya Mahila Bank, SBI's associate banks.
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