BIG ANNOUNCEMENT: India will now have only 12 PSBs, says Union Finance Minister

New Delhi: "PNB, Oriental Bank of Commerce and United Bank will be brought together and they shall form the second largest public sector bank with business of Rs 17.95 Lakh Crore."  said Union Finance Minister Nirmala Sitharaman here today.

Here are the key points of the Media Briefing:

1. We shall continue with 2 banks which will have national presence - Bank of India with Rs 9.3 Lakh Crores of business size and Central Bank with Rs 4.68 Lakh Crores of business size.

Also Read | Business Update: Public sector banks sanction loans worth Rs 10,361.75 cr under ECLGS

2. India will now have 12 Public Sector Banks from 27 Public Sector Banks

3.  Specialised agencies have been set up who are monitoring every loan which is over Rs 250 crores.

4. Gross Non Performing Assets have come down from 8.65 lakh crores to 7.90 lakh crores

5. Indian Bank with (merge) Allahabad Bank, they will be the seventh largest Public Sector Bank with business of Rs 8.08 lakh crores

Also Read | GST Council cuts tax rate on Covid essentials

6. Union Bank of India, with Andhra Bank and Corporation Bank shall become the fifth largest public sector bank

7. Canara Bank with (merge) Syndicate Bank, they will be the fourth largest Public Sector Bank with business of Rs 15.20 lakh crores 

• #Nirmala Sitharaman
• #finance minister
• #business
• #Banks
• #PNB
• #Public Sector Banks
• #PSB
• #Rupee
• #United Bank of India
• #India