{"id":226520,"date":"2020-03-04T18:15:03","date_gmt":"2020-03-04T12:45:03","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=226520"},"modified":"2020-03-05T10:59:10","modified_gmt":"2020-03-05T05:29:10","slug":"cabinet-approves-mega-consolidation-in-public-sector-banks","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/04\/cabinet-approves-mega-consolidation-in-public-sector-banks\/","title":{"rendered":"Mega Consolidation in Public Sector Banks &#8212; Approved by Cabinet"},"content":{"rendered":"<p style=\"text-align: center;\"><strong><span style=\"color: #008000;\">Union Cabinet has approved the mega consolidation of ten PSBs into four which include the \u2013<\/span><\/strong><\/p>\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">(a) \u00a0Amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">(b) \u00a0Amalgamation of Syndicate Bank into Canara Bank<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">(c) \u00a0Amalgamation of Andhra Bank and Corporation Bank into Union Bank of India<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">(d) \u00a0Amalgamation of Allahabad Bank into Indian Bank<\/span><\/p>\n<p style=\"text-align: justify;\">The amalgamation would be effective from 1.4.2020 and would result in creation of seven large PSBs with scale and national reach with each amalgamated entity having a business of over Rupees Eight lakh crore. The Mega consolidation would help create banks with scale comparable to global banks and capable of competing effectively in India and globally. Greater scale and synergy through consolidation would lead to cost benefits which should enable the PSBs enhance their competitiveness and positively impact the Indian banking system.<\/p>\n<p style=\"text-align: justify;\">In addition, consolidation would also provide impetus to amalgamated entities by increasing their ability to support larger ticket-size lending and have competitive operations by virtue of greater financial capacity. The adoption of best practices across amalgamating entities would enable the banks improve their cost efficiency and risk management, and also boost the goal of financial inclusion through wider reach.<\/p>\n<p style=\"text-align: justify;\">Further, with the adoption of technologies across the amalgamating banks, access to a wider talent pool, and a larger database, PSBs would be in a position to gain competitive advantage by leveraging analytics in a rapidly digitalising banking landscape.<\/p>\n<hr \/>\n<p><strong>Cabinet<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>[Source: PIB]<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>[Press Release <\/strong>dt<strong>. 04-03-2020]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Union Cabinet has approved the mega consolidation of ten PSBs into four which include the \u2013 (a) \u00a0Amalgamation of Oriental Bank of 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Salient features: The salient features of the approval Framework for Consolidation of Public Sector Banks are as\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":207834,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/01\/09\/cabinet-approves-first-ever-three-way-merger-in-indian-banking-with-amalgamation-of-vijaya-dena-and-bank-of-baroda\/","url_meta":{"origin":226520,"position":1},"title":"Cabinet approves first-ever three way merger in Indian Banking with amalgamation of Vijaya, Dena and Bank of Baroda","author":"Bhumika Indulia","date":"January 9, 2019","format":false,"excerpt":"The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the scheme of amalgamation for amalgamating Bank of Baroda, Vijaya Bank and Dena Bank, with Bank of Baroda as the transferee bank and Vijaya Bank and Dena Bank as transferor banks on 02-01-2019. The amalgamation will be the\u2026","rel":"","context":"In &quot;Cabinet Decisions&quot;","block_context":{"text":"Cabinet Decisions","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/cabinet_decisions\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":239677,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/11\/26\/cabinet-approves-scheme-of-amalgamation-of-lakshmi-vilas-bank-with-dbs-bank-india-limited\/","url_meta":{"origin":226520,"position":2},"title":"Cabinet approves Scheme of Amalgamation of Lakshmi Vilas Bank with DBS Bank India Limited","author":"Bhumika Indulia","date":"November 26, 2020","format":false,"excerpt":"Scheme of Amalgamation The Union Cabinet has given its approval to the Scheme of Amalgamation of Lakshmi Vilas Bank Limited (LVB) with DBS Bank India Limited (DBIL). On 17.11.2020, to protect depositors' interest and in the interest of financial and banking stability, on RBI's application under section 45 of the\u2026","rel":"","context":"In &quot;Cabinet Decisions&quot;","block_context":{"text":"Cabinet Decisions","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/cabinet_decisions\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":209164,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/02\/01\/regional-rural-bank-amalgamation-of-vananchal-gramin-bank-and-jharkhand-gramin-bank-into-jharkhand-rajya-gramin-bank\/","url_meta":{"origin":226520,"position":3},"title":"Regional Rural Bank | Amalgamation of Vananchal Gramin Bank and Jharkhand Gramin Bank into Jharkhand Rajya Gramin Bank","author":"Bhumika Indulia","date":"February 1, 2019","format":false,"excerpt":"S.O. 567(E)\u2014Whereas the Central Government, after consultation with the National Bank for Agriculture and Rural Development (NABARD), the Government of Jharkhand and the State Bank of India and Bank of India, being the Sponsor Banks of Vananchal Gramin Bank and Jharkhand Gramin Bank, is of the opinion that it is\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":209020,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/01\/30\/central-government-notifies-amalgamation-of-gramin-bank-of-aryavart-and-allahabad-up-gramin-bank\/","url_meta":{"origin":226520,"position":4},"title":"Central Government notifies amalgamation of Gramin Bank of Aryavart and Allahabad UP Gramin Bank","author":"Bhumika Indulia","date":"January 30, 2019","format":false,"excerpt":"Gramin Bank of Aryavart and Allahabad UP Gramin Bank amalgamated into a single Regional Rural Bank--Aryavart Bank","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":107141,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/02\/16\/cabinet-approves-acquisition-of-subsidiary-banks-of-state-bank-of-india\/","url_meta":{"origin":226520,"position":5},"title":"Cabinet approves acquisition of subsidiary banks of State Bank of India","author":"Saba","date":"February 16, 2017","format":false,"excerpt":"The Union Cabinet has approved the acquisition by the State Bank of India of its subsidiary banks namely State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore.\u00a0The Cabinet also approved the introduction of a Bill in\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/226520","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=226520"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/226520\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/209514"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=226520"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=226520"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=226520"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}