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UBI, PNB, OBC bank merger
Why is it in the news?
- The Centre is expected to announce the new name and logo of the entity to be emerged after the merger of Punjab National Bank (PNB) United Bank of India (UBI) and Oriental Bank of Commerce (OBC)
- UBI, OBC want a new name for merged entity.
More in the news
- The Centre had announced that the United Bank of India and Oriental Bank of Commerce would be merged with Punjab National Bank.
- The new entity will be the second largest bank in the country after State Bank of India with a total business volume of Rs 18 lakh crore.
- Post merger, the combined staff strength of the new entity will be one lakh.
- The amalgamation process will require legal and regulatory compliances, besides approval of the three banks' boards.
- Infusion: The government has already announced a capital infusion of Rs 16,000 crore into PNB and Rs 1,600 crore into UBI.
Source
The Hindu.