“Bank has received a letter dated November 13, 2019 from Department of Financial Services, Ministry of Finance vide which bank has been advised that Alternative Mechanism (AM), has accorded in-principle approval to proposed amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank,” Punjab National Bank said in a regulatory filing. Punjab National Bank is the transferee bank and Oriental Bank of Commerce and United Bank of India as transferor banks. In a separate filing, Union Bank of India said, “The bank has received a communication from ministry of finance on November 16, 2019 stating that the alternative mechanism has accorded in-principle approval to proposed amalgamation of the Andhra Bank and Corporation Bank into Union Bank of India.”Union Bank of India is the transferee bank, and Andhra Bank and Corporation Bank are the transferor banks. According to this, United Bank of India and Oriental Bank of Commerce will be merged with Punjab National Bank, making the proposed entity the second largest public sector bank (PSB). These were State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad and also Bharatiya Mahila Bank effective April 2017.

Source: The Hindu November 18, 2019 15:11 UTC