List of Merged Public Sector Banks in India 2021

In a move to restructure and redefine the country's banking space, in 2021, the government of India merged 10 Public Sector (PSU) Banks into 4 banks.

A merger is an agreement between entities where they pool in their assets and liabilities and become one entity. The merger of Public Sector Banks (PSBs) is where the PSBs are merged with 'anchor' banks. As of today, India has 12 Public Sector Banks, including Bank of Baroda and State Bank of India.

Check - IFSC

List of Merged Banks in 2021

Anchor Bank Banks Merged
Anchor Bank Banks Merged
Punjab National Bank
  • Oriental Bank of Commerce
  • United Bank of India
Canara Bank
  • Syndicate Bank
Indian Bank
  • Allahabad Bank
Union Bank of India
  • Andhra Bank
  • Corporation Bank
Bank of Baroda
  • Dena Bank
  • Vijaya Bank
State Bank of India
  • State Bank of Bikaner and Jaipur
  • State Bank of Hyderabad
  • State Bank of Mysore
  • State Bank of Patiala
  • State Bank of Travencore
  • Bharatiya Mahila Bank

* Vijaya Bank and Dena Bank were merged with Bank of Baroda from April 1, 2019

*State Bank of India was merged with its associate banks and Bharatiya Mahila Bank in 2017.

Merits of Public Sector Bank Mergers

  • The bank's service delivery will see a huge improvement.
  • Mergers enable a large capital base that will aid the acquirer to offer a bigger loan amount.
  • Customers of the bank will have a much wider range of products they can choose from in mutual funds, insurance products, loans and deposits.
  • The need for recapitalisation from the government will reduce after a merger.
  • The bank will have an opportunity to establish technological advancements in their processes.
IFSC Code for Top Banks

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