India's government on Aug. 30 said it will consolidate 10 public sector banks into four entities, a move that would bring the number of public sector banks in the country to 12, The Economic Times reported, citing Finance Minister Nirmala Sitharaman.
The government will merge Oriental Bank of Commerce and United Bank of India with Punjab National Bank to create the country's second-largest lender with 18 trillion rupees business. It will also merge Canara Bank and Syndicate Bank Ltd. into one entity, while Union Bank of India, Andhra Bank and Corporation Bank will be consolidated into a single entity.
Meanwhile, Indian Bank and Allahabad Bank will be consolidated into a single entity. Sitharaman added that Bank of India and Central Bank of India will continue to operate independently.
As of Aug. 29, US$1 was equivalent to 71.71 Indian rupees.
