UBI, OBC to be merged with PNB: Nirmala Sitharaman

India's second-largest public sector lender Punjab National Bank will be merged with United Bank of India and Oriental Bank of Commerce with a business of Rs 17.95 lakh crore, said the Finance Minister Nirmala Sitharaman in a press meet on Friday, at the National Media Center in Delhi.

She said that this merger is 1.5 times the size of PNB and will have around 11,437 branches.

Consolidated PNB+OBC+United Bank to be 2nd largest #PSB with ~₹18 lakh cr. business and 2nd largest branch network in India. Scale, nationwide & global presence, and high CASA to drive growth. @PMOIndia @FinMinIndia @PIB_India #PSBsFor5TrillionEconomy pic.twitter.com/Ir63tTBiam

— Rajeev kumar (@rajeevkumr) August 30, 2019

(This is a developing story, further details will be added)