The merger of 10 public sector banks (PSBs) to form four big lenders will create more jobs and not lead to any retrenchment as being claimed by some trade unions, Finance Secretary Rajiv Kumar has said.
“PNB, Oriental Bank of Commerce and United Bank will be brought together and they shall form the second largest public sector bank with business of Rs 17.95 Lakh Crore.” said Union Finance Minister Nirmala Sitharaman.
The Reserve Bank of India has imposed a penalty ranging between Rs one crore to two crore on eight government-owned banks for violating norms.
Government of India has appointed new Managing Director and Chief Executive Officer in ten Public sector banks.
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