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Merged banks from 1 Apr 2020
The Reserve Bank of India (RBI) on Saturday approved the merger of several public sector banks from 1 April 2020, starting with Allahabad Bank functions and operations under Indian Bank.
Likewise, the Syndicate Bank will function Canara Bank, Andhra Bank and Corporation Bank as Union Bank of India, Oriental Bank of Commerce and United Bank of India as Punjab National Bank as well as Oriental Bank of Commerce and United Bank of India as Punjab National Bank.
The bank mergers are aim at consolidating the crisis-hit financial sector with non-performing assets. The sector also faces a dragging recession caused by the coronavirus across the globe. fiinews.com
