After 'Hyderabad', now 'Andhra' to slip into banking history
5 years, 4 months ago

After 'Hyderabad', now 'Andhra' to slip into banking history

India TV News  

After Hyderabad, it is now the turn of Andhra Pradesh to disappear from the list of public sector banks, depriving both Telugu states of their identity in the banking sector. The Centre's decision to merge Andhra Bank with Union Bank of India and Corporation Bank will snap the emotional link the people of Andhra Pradesh and Telangana had with this 96-year-old bank. Two MPs of ruling YSR Congress Party and opposition Congress urged the Centre to withdraw the decision or at least retain the name Andhra Bank if amalgamation becomes inevitable. Following formation of Andhra Pradesh with the merger of Telangana with then Andhra State in 1956, Andhra Bank's headquarters was shifted to Hyderabad. Considered a pioneer in issuing credit cards, Andhra Bank also introduced kisan card for farmers and expanded its operations to rural and remote regions of Andhra Pradesh.

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History of this topic

India: Centre rules out new PSU bank mergers
1 month, 1 week ago

India: Centre rules out new PSU bank mergers

Deccan Chronicle  

New Delhi: The Centre may not consider merger of public sector banks as several reforms undertaken by the government in the banking sector have created systemic improvements and instituted checks and controls to minimise the risk of recurrence of excessive stress, the government said on Tuesday. “The reforms undertaken by the government in the banking sector have created systemic improvements …

Karnataka government to close SBI, PNB accounts
4 months, 3 weeks ago

Karnataka government to close SBI, PNB accounts

Hindustan Times  

Karnataka’s finance department on Wednesday directed all state government departments, public sector undertakings, boards, corporations, local bodies, universities, and other state-run institutions to close their accounts with State Bank of India and Punjab National Bank. The other case pertained to the Karnataka State Pollution Control Board, which had invested ₹10 crore in a fixed deposit at the erstwhile State Bank …

Counting the failures of the past decade in Andhra Pradesh
7 months, 1 week ago

Counting the failures of the past decade in Andhra Pradesh

The Hindu  

Andhra Pradesh is a State without a capital. The Andhra Pradesh Reorganisation Act, 2014, had said that Hyderabad would be the common capital of Andhra Pradesh and Telangana until June 2, 2024, following the bifurcation of composite Andhra Pradesh in 2014. In Parliament, both the BJP and the Congress promised Special Category Status to Andhra Pradesh, but the Union government …

Govt to amend two Acts to enable privatisation of PSU banks
3 years, 10 months ago

Govt to amend two Acts to enable privatisation of PSU banks

India TV News  

To facilitate privatisation of public sector banks, the government is likely to bring amendments to two legislations later this year. The ongoing Budget session is scheduled to take up as many as 38 Bills including the Finance Bill 2021, Supplementary Demands for Grants for 2020-21 and related Appropriation Bill, National Bank for Financing Infrastructure and Development Bill, 2021, and Cryptocurrency …

Know the Changes Affecting Customers Post Corporation Bank, Andhra Bank Merger with Union Bank of India
3 years, 11 months ago

Know the Changes Affecting Customers Post Corporation Bank, Andhra Bank Merger with Union Bank of India

News 18  

The migration of all the customers of the Corporation Bank and Andhra Bank has been successfully completed to the core banking solution of Union Bank of India. Internet banking, mobile banking, UPI, IMPS, treasury and swift have also been rolled out by UBI for Andhra and Corporation Bank customers. No changes have been made to the account number and customer …

Union Bank Completes IT Integration of All Branches of Andhra Bank with Itself
3 years, 11 months ago

Union Bank Completes IT Integration of All Branches of Andhra Bank with Itself

News 18  

State-owned Union Bank of India on Monday said it has completed IT integration of all branches of erstwhile Andhra Bank with itself. “With this achievement, the entire IT integration of erstwhile Andhra and Corporation Bank branches with Union Bank of India has been completed,” the lender said in a release. All customers of erstwhile Andhra Bank and Corporation Bank have …

PSU bank consolidation: PNB, Union Bank get in-principle nod from govt for proposed merger
5 years, 1 month ago

PSU bank consolidation: PNB, Union Bank get in-principle nod from govt for proposed merger

Firstpost  

New Delhi: Punjab National Bank and Union Bank of India on Monday said they have received in-principle approval from the government for their amalgamation with other public sector banks. “Bank has received a letter dated 13 November, 2019 from Department of Financial Services, Ministry of Finance vide which bank has been advised that Alternative Mechanism, has accorded in-principle approval to …

Over 3,400 branches of 26 public sector banks closed or merged in last 5 years: RTI
5 years, 2 months ago

Over 3,400 branches of 26 public sector banks closed or merged in last 5 years: RTI

Firstpost  

Over 3,400 branches of 26 public sector banks have been either closed or merged during the last five financial years due to merger under the consolidation exercise in the banking space, revealed an RTI query Indore: Over 3,400 branches of 26 public sector banks have been either closed or merged during the last five financial years due to merger under …

Union Bank board okays merger of Andhra, Corporation Bank with itself; clears Rs 17,200-cr capital infusion
5 years, 4 months ago

Union Bank board okays merger of Andhra, Corporation Bank with itself; clears Rs 17,200-cr capital infusion

Firstpost  

Union Bank of India on Monday said its board of directors has approved the merger of Andhra Bank and Corporation Bank with itself and given nod for a capital infusion of Rs 17,200 crore in the current financial year New Delhi: Union Bank of India on Monday said its board of directors has approved the merger of Andhra Bank and …

Andhra Bank merger proposal unites leaders, people in Andhra Pradesh
5 years, 4 months ago

Andhra Bank merger proposal unites leaders, people in Andhra Pradesh

Deccan Chronicle  

VIJAYAWADA: The end of the road for the 96-year old Andhra Bank as proposed by the Centre is not going down well with the people of AP. The ruling YSR Congress, opposition Telugu Desam, Congress and Communist parties and several other organisations are against the proposed merger of Andhra Bank, an entity that has brought recognition to the people of …

Union Bank of India board meet on 9 September to approve amalgamation of Andhra Bank, Corporation Bank with itself
5 years, 4 months ago

Union Bank of India board meet on 9 September to approve amalgamation of Andhra Bank, Corporation Bank with itself

Firstpost  

New Delhi: State-owned Union Bank of India on Wednesday said its Board will meet on 9 September to approve amalgamation of Andhra Bank and Corporation Bank with itself. Besides, the board would also take up the matter related to capital infusion of Rs 11,700 crore, Union Bank of India said in a regulatory filing. In a separate filing, United Bank …

PSB stocks plunge up to 10.6% post merger announcement
5 years, 4 months ago

PSB stocks plunge up to 10.6% post merger announcement

India TV News  

Public sector bank stocks, led by Canara Bank, Union Bank and Punjab National Bank, tumbled up to 10.6 per cent on Tuesday after the government announced the merger of 10 state-run lenders into four. Shares of Canara Bank dropped 10.59 per cent, Union Bank of India fell 9.08 per cent, Punjab National Bank plunged 8.55 per cent, Oriental Bank of …

PSU banks merger woes: Bank officers associations to meet in Delhi on 5 September
5 years, 4 months ago

PSU banks merger woes: Bank officers associations to meet in Delhi on 5 September

Firstpost  

Hyderabad: Opposing the merger of banks, officers associations of various banks will meet in the national capital on 5 September to chalk out the future course of action, a top official of All India Andhra Bank Officers Association said here on Tuesday. Finance Minister Nirmala Sitharaman last week announced the merger of Oriental Bank of Commerce and United Bank with …

There will not be single job loss due to merger of banks: FM Sitharaman
5 years, 4 months ago

There will not be single job loss due to merger of banks: FM Sitharaman

Live Mint  

Chennai: Finance minister Nirmala Sitharaman on Sunday allayed fears of job losses following the proposed merger of public sector banks, saying not even one employee shall be removed following the amalgamation. The move will bring down the number of state-run banks to 12 from 19 after the merger of Dena Bank and Vijaya Bank with Bank of Baroda effective April …

Two Andhra lawmakers write to FM on move to merge Andhra Bank with UBI
5 years, 4 months ago

Two Andhra lawmakers write to FM on move to merge Andhra Bank with UBI

Hindustan Times  

The announcement made by Union finance minister Nirmala Sitharaman seeking to merge Andhra Bank with the Union Bank of India as part of banking sector reforms evoked “Andhra sentiment” in the Telugu states. On Saturday, two parliamentarians – Rajya Sabha member K V P Ramachandra Rao of the Congress and Lok Sabha member from Machilipatnam Vallabhaneni Balashowry from YSR Congress …

Merger can't tackle issues of low capital,higher NPAs:Analysts
5 years, 4 months ago

Merger can't tackle issues of low capital,higher NPAs:Analysts

India TV News  

Even though the mega-merger of 10 public sector banks is a step in the right direction as it will increase operational efficiencies of the merged entities, the key issues of low capital and higher bad loans will continue to plague them, say analysts. Amidst the growing signs of deepening slowdown, finance minister Nirmala Sitharaman Friday announced four new set of …

Govt announces sweeping governance reforms for PSU bank boards
5 years, 4 months ago

Govt announces sweeping governance reforms for PSU bank boards

Live Mint  

The government on Friday announced the merger of Punjab National Bank, Oriental Bank of Commerce and United Bank of India to create the second-largest banking network in the country with 11,431 branches. "Punjab National Bank, Oriental Bank of Commerce and United Bank will be brought together and they shall form the second largest public sector bank with the business of …

PNB, Oriental Bank and United Bank to be merged: FM Nirmala Sitharaman
5 years, 4 months ago

PNB, Oriental Bank and United Bank to be merged: FM Nirmala Sitharaman

Hindustan Times  

In a major development, the government on Friday announced merger of Oriental Bank of Commerce and United Bank with Punjab National Bank. Finance Minister Nirmala Sitharaman Also, Syndicate Bank will be merged with Canara Bank, while Andhra Bank and Corporation Bank will merged with Union Bank of India. Prior to this, the government had merged five associate banks of SBI …

Modi govt's mega bank merger drive: Now there will be only 12 PSU banks
5 years, 4 months ago

Modi govt's mega bank merger drive: Now there will be only 12 PSU banks

India Today  

In second set of major policy announcements to address economic concerns, Union Finance Minister Nirmala Sitharaman on Friday announced merger of six public sector banks with four better performing anchor banks. NEW PICTURE OF PSU BANKS 1) The after the Oriental Bank of Commerce and United Bank are merged into the Punjab National Bank, it will become India's second largest …

After merger, Bank of Baroda looks at changing work culture of Dena, Vijaya
5 years, 8 months ago

After merger, Bank of Baroda looks at changing work culture of Dena, Vijaya

Live Mint  

As Bank of Baroda starts aligning the businesses of erstwhile Dena Bank and Vijaya Bank with itself following the merger, it is also looking to instil a new work culture and make its management more accessible to employees. Two senior employees from erstwhile Dena Bank and Vijaya Bank said on condition of anonymity that the BoB management has assured them …

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