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Report: India eyes merger of 4 public banks

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Report: India eyes merger of 4 public banks

Punjab National Bank could merge with two to three state-run banks as the Indian government looks to trim the number of lenders in the country, Reuters reported May 21, citing two sources familiar with the matter.

Among the potential candidates for the merger are Oriental Bank of Commerce, Andhra Bank and Allahabad Bank. Punjab National Bank could begin the merger process in the next three months, the sources said. A previous report cited Punjab & Sind Bank as another candidate.

The planned merger is subject to cabinet approval. If approved, it would follow the consolidation of three Indian banks in April.

Punjab National Bank and the finance ministry declined to comment on the report, while the other banks did not immediately reply to Reuters' request for further information.