Public Sector Banks Merged in India 2019. 10 public sector banks to be merged into 4 i.e, PNB, Union Bank of Bank, Canara Bank, Indian Bank.

When a government have major holding in a particular bank stake i.e more than 50% then we call that bank as Public National Bank. Today in India we have 12 Public Sector Banks along with one payments bank which is owned by central government.

Here payment bank have 100% of government holding. Even though it got license in 2015 it registered in 2016. This is started with the aim of utilizing the post offices all over India. It started with 650 branches. As of now it has captured one and half crore customers.

Usually these public sector banks will be listed in Stock Exchanges. This was all started in 1955 when government thought of getting into banking sector by nationalizing Imperial Bank of India. Then after, it changed its name into State Bank of India. After that 7 other state banks also merged into it, in 1959. In the same pace share public sector banks have been increased in banking industry throughout the period. Until 2019 there are 8 banks in the list of Public National Bank. They are Bank of Baroda (63.74%), Bank of India (87.0535%), Bank of Maharashtra (87.01%), Central Bank of India (88.02%), Indian Overseas Bank (91%), Punjab & Sind Bank (79.62%), State Bank of India (61.00%) and UCO Bank (93.29%). Here % indicates government share holdings.

Finance Minister Nirmala Sitaraman on August 30th 2019 had made a huge announcement that other 4 banks are going to be consolidated into Public National Bank in the near future.

Merged Public Sector Banks (PSBs) in India 2019

Details of that 4 banks Recently Merged as Public Sector Banks (PSBs) in India are:

• Punjab National Bank with 70.22% government shareholding, Oriental Bank of Commerce with 77.23% government shareholding and United Bank of India with 92.25% government shareholding will now become Punjab National Bank.
• Union Bank of India with 67.43% government shareholding, Andhra Bank with 84.83% government shareholding and Corporation Bank with 84.96% government shareholding will now become Union Bank of India.
• Indian Bank with 81.73% government shareholding and Allahabad Bank with 79.41% government shareholding will merge together and become as Indian Bank.
• Canara Bank with 72.55% government shareholding and Syndicate Bank with 81.23% government shareholding will together form as Canara Bank.

Now we can say this as 10 different banks merge together and became 4 banks that are:

1. Punjab national Bank
2. Union Bank of India
3. Indian bank
4. Canara Bank

Before these merges of 10 into 4 banks, 27 banks altogether merged as 12 banks. After so many permutations and combinations about the feasibility of the banks these decisions have been made.

Amalgamation of Regional Rural Banks in the state of Karnataka sponsored by Canara Bank. Merging Regional Rural Banks (RRBs) Sponsored by Canara Bank in the State of Karnataka.

Rural areas are the main of our country that yield the main part of the economy. The villages and the rural areas may not sponsor much to the national budget or the economy’s wealth yet the rural areas are the main backbone for the country.

Earlier there were no banks helping the rural people and for their prosperity, now with the emergence of the new levels of banking systems, and the services that are being wide spread, the rural areas are also been well versed with the banking opportunities. The rural people are also getting a little awareness about the services and the benefits that the villagers can get by using the banking system and the services.

Banks provide various types of services including loans to the farmers to help their crops grow and hence get profit margin to their work done for making the crop grow in such a healthy manner. The various schemes implemented by the government officials to help the people in the backward areas who live on farming sector and other little wages, to get their scheme money to the fullest through bank deposits directly to the customer’s account. Most of them get benefit only through banks.

Kaveri Grameena Bank is under the sponsorship of State Bank of India and the Pragathi Krishna Grameena Bank is under the sponsorship of Canara Bank. Both the Grameena banks are under the banks that have their own place in public opinion. The proposal for the amalgamation of these two Grameen banks has been under proposal. The amalgamation was done to the RRBs located in the state of Karnataka only and that carries various formal notifications and modalities.

Merging Regional Rural Banks (RRBs) Sponsored by Canara Bank

After the amalgamation the undertaking of both the combined banks RRBs will be taken by Canara Bank. The officials and the employees will be guided and paid as per the norms and standards of the Canada Bank. There are certain modalities during the amalgamation of these RRBs which includes transfer of stake of sponsor banks should be at the face value of shares,

The main things carried out in Pragathi Krishna Grameena Bank include Technology implementation and digitization. Earlier there was already amalgamation of two banks. Pragathi Krishna Grameena Bank has been evolved by amalgamation of the stated Krishna Grameena Bank and the Pragathi Grameena Bank in the year 2013 and now the proposal was made to merge the Pragathi Krishna Grameena Bank and the Kaveri Grameena Bank.

The Kaveri Grameena bank is now being operated in 10 districts of South Karnataka maintaining 502 branches. The bank came in to existence in the year 2012 and locating head quarters in Mysore. Both the banks have high customer base and render their own kinds of personalized services to its customers.

Hopefully the article is informative and helped you get information about the amalgamation of the RRB in the state of Karnataka. Follow us for more information and details about the proposal made for the new amalgamation.