Government of India with an aim to create a single large public sector bank has been amalgamating various banks. State Bank of India absorbed almost every state group banks including State Bank of Mysure, SBBJ etc. Here are the list of banks that were absorbed by various banks.
State bank of India is the largest bank in India. SBI is biggest bank in terms of Assets owned and branch networks.
SBI merged following banks:
Bank of Baroda (BOB), is third larges PSB in India. BOB was merged with following banks:
These banks were merged with BOB in 2019.
Punjab National Bank (PNB) is the second largest Public Section Bank (PSB) with total assets of $240 billion after merger.
PNB was merged with following banks:
These banks were merged in 2020.
Canara Bank is the larges PSB in South India. Canara Bank is the fourth largest PSB of India after merger.
Canara Bank was merged with Syndicate Bank in 2019. After merger Canara Bank had net assets of $200 billion.
Union Bank of India is the fifth largest Public Sector Bank of India. It has assets of $190 billion. Union bank was merged with following banks:
Union bank was merged with Andhra Bank and Corporatino Bank in 2020.
Indian Bank was meged with Allahabad Bank in 2020. After merger it became seventh largest Public Sector Bank. It has assets worth $110 billion.
We may witness further mergers of banks as Government has an aim of having only 2-3 large public sector banks. We may see State Bank of India further absorbing few of these banks.
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