List of Merger of Banks in India: The history of bank mergers in India reflects the country’s dynamic banking sector. Over the years, several banks have merged to create stronger and more resilient financial institutions. Key mergers include the State Bank of India’s merger with its associate banks in 2017, resulting in one of the world’s largest banking networks.
In 2019, the merger of Vijaya Bank and Dena Bank into Bank of Baroda aimed to streamline operations. Additionally, the amalgamation of Oriental Bank of Commerce and United Bank into Punjab National Bank in 2020 was a significant move to consolidate resources. These mergers signify India’s commitment to enhancing banking efficiency and stability.
List of Merger of Banks in India
| Bank | Merged with | Reason for Merger |
|---|---|---|
| (PNB) Punjab National Bank | Oriental Bank of Commerce & United Bank of India | To create India’s second-largest public sector bank and enhance operational efficiency. Punjab National Bank (PNB) has now combined forces with Oriental Bank of Commerce (OBC) and United Bank of India (UBI), resulting in a total branch network of 11,437 outlets and an overall business worth Rs. 17.95 lakh crore. |
| Bank of Baroda | Vijaya Bank & Dena Bank | To create India’s third-largest public sector bank and enhance operational efficiency. The merger between Bank of Baroda (BoB), Vijaya Bank, and Dena Bank has created a lending entity with a business worth Rs. 14.82 lakh crore, making it the third-largest public sector bank in India. |
| Union Bank of India | Andhra Bank & Corporation Bank | To create a stronger entity and enhance operational efficiency. The merger between Union Bank of India (UBI), Andhra Bank, and Corporation Bank has created a lender with an overall business worth Rs. 14.59 lakh crore. This merger has made UBI the fifth-largest public sector bank in India. |
| Indian Overseas Bank | Sri Ram Finance | To expand its reach among retail customers and small businesses. Indian Overseas Bank (IOB) acquired Chennai-based non-banking financial company Sri Ram Finance in January 2019. With this acquisition, IOB will be able to increase its reach among retail customers as well as small businesses. |
| Bank of India | Bharatiya Mahila Bank (BMB) | To increase its presence in the banking sector for women and enhance operational efficiency. In January 2019, the Bank of India acquired Bharatiya Mahila Bank (BMB), established exclusively to provide banking services to women. This merger aims to increase the bank’s presence in the banking sector, catering to women customers while enhancing its operational efficiency. |
| Canara Bank | Syndicate Bank | To create India’s fourth-largest public sector bank and enhance operational efficiency. Canara Bank and Syndicate Bank have completed their merger process, creating a lender with an overall business worth Rs. 15.2 lakh crore. This merger has made Canara Bank the fourth-largest public sector bank in India. |
List of Merged Public Sector Banks in India
A bank merger represents a formal arrangement where the acquiring bank and the merging bank consolidate their assets and liabilities to form a unified entity. This particular merger led to the consolidation of ten Public Sector Banks into four Public Sector Banks. Nonetheless, certain banks such as IOB, Bank of Maharashtra, Punjab and Sind Bank, Bank of India, Central Bank of India, and UCO Bank, primarily operating within specific regions, will continue to operate independently.
Below is the Banks Merging Chart
| Acquirer Bank | Merged Bank(s) |
|---|---|
| Canara Bank | Syndicate Bank |
| Punjab National Bank | Oriental Bank of Commerce, United Bank of India |
| Indian Bank | Allahabad Bank |
| Union Bank of India | Andhra Bank, Corporation Bank |
| Bank of Baroda | Vijaya Bank, Dena Bank |
| State Bank of India | State Bank of Travancore, State Bank of Hyderabad, State Bank of Bikaner and Jaipur, State Bank of Patiala, State Bank of Mysore, Bharatiya Mahila Bank |
List of Merger of Banks in India PDF
Download 8 banks merger list pdf from below link.
https://inspireawards-dst.gov.in/download/bank-merge-list.pdf
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