Bank shaped quickly after PNB, UBI and OBC merge; Public sector to change into second largest financial institution

by Jeremy Spirogis
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Kolkata, Jagran Bureau. The Central Government will quickly announce the title and emblem of the brand new financial institution coming into existence after the merger of Punjab National Bank (PNB), United Bank of India (UBI) and Oriental Bank of Commerce (OBC). A senior officer related to this difficulty has given this data. The new financial institution shaped after the merger would be the second largest financial institution within the nation after the State Bank of India (State Bank of India), with a complete market capital of Rs 18 lakh crore. <! –

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New title, emblem required for identification

A senior UBI officer instructed in Kolkata that the union authorities is anticipated to announce new names and emblem quickly after the merger of the three banks, as the brand new financial institution will begin performing from April 1 this yr. Before this the merger course of might be accomplished.

The official stated that after the merger, the title and emblem are essential to determine the brand new financial institution and this has been discussed at a excessive degree with the three public sector banks. The officer additionally stated that 34 committees constituted by the three banks have already submitted their studies to standardize and reconcile the processes. After the merger of the three banks, the full variety of workers within the new financial institution might be round one lakh. The central authorities has already stated that no workers might be laid off within the new financial institution shaped after the merger.

Mega Merger was introduced final yr

It is noteworthy that the central authorities had introduced the merger of 10 public banks final yr. Four banks might be shaped by combining these 10 banks. The authorities believes that by 2024-25, the position of huge banks might be vital in making the nation a $ 5 trillion economic system.

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