Union Finance Minister Nirmala Sitharaman announced a big consolidation of public sector banks in 2019. As per the scheme of amalgamation, 10 public sector banks are to be merged into 4 banks. Now, the Reserve Bank of India has notified with a circular that the mega merger of 10 PSBs will be effective from the start of new financial year i.e. 1st April 2020.
As per the recent RBI circular, 10 PSBs will be merged into 4 in the following manner:
After the amalgamation, the total number of Public Sector Banks in the country will come down to 12 banks.
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