Total of 34 functional teams to smoothen bank merger of UBI, PNB, OBC; to come into force on 1 April
5 years, 3 months ago

Total of 34 functional teams to smoothen bank merger of UBI, PNB, OBC; to come into force on 1 April

Firstpost  

The complete harmonisation among the three entities would take another 12 to 14 months after the merger Kolkata: A total of 34 functional teams have been formed to smoothen the process of merger of United Bank of India, Punjab National Bank and Oriental Bank of Commerce, a senior official said. “The functional teams will also try standardising the loan process, credit terms and benefits extended to the customers in the interim period till the merger comes into effect to avoid customer-related issues in the future,” the official said. UBI managing director and CEO A K Pradhan had earlier said that though the balance sheet merger is likely to happen by 1 April next year, it will take another three to six months after that for the HR and IT integration to be completed. He had said the complete harmonisation among the three entities would take another 12 to 14 months after the merger.

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History of this topic

Seventh largest public sector bank carries a legacy of over a century
2 weeks, 4 days ago

Seventh largest public sector bank carries a legacy of over a century

The Hindu  

Indian Bank, which was established on March 5, 1907 and officially started operations on August 15, 1907, has a legacy of over a century. As on September 30, 2024, Indian Bank is the seventh largest public sector bank with a total business of ₹12.44 lakh crore. The establishment of the bank reflected the nationalistic desire for a reliable, Indian-managed financial …

India: Centre rules out new PSU bank mergers
1 month 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 …

Move to relocate APGB office triggers resentment in Andhra
1 month, 2 weeks ago

Move to relocate APGB office triggers resentment in Andhra

New Indian Express  

KADAPA: The Central government’s decision to relocate the Andhra Pragathi Grameena Bank headquarters from Kadapa to Amaravati has triggered widespread protests across Kadapa and surrounding districts. Stakeholders argue that the move undermines local employment opportunities and disrupts financial services in the economically backward Rayalaseema region. The relocation is part of the Centre’s ‘One State-One Regional Rural Bank ’ policy, aimed …

Government may introduce amendments to laws to push banking sector reforms in Budget session
5 months, 4 weeks ago

Government may introduce amendments to laws to push banking sector reforms in Budget session

The Hindu  

The government is likely to introduce amendments to Banking Regulation Act 1949 and other laws to push banking sector reforms during the upcoming Budget session. Apart from this, amendments in the Banking Companies Act, 1970, and the Banking Companies Act, 1980 are needed for privatisation of public sector banks, sources said. Amendments, if approved by Parliament, would help bring down …

India needs more SBI-sized banks, or three times larger: FM Nirmala Sitharaman
11 months ago

India needs more SBI-sized banks, or three times larger: FM Nirmala Sitharaman

Live Mint  

New Delhi: India needs more “SBI-size” banks to meet the growing needs of the economy and industry, particularly as the country aspires to grow to be the world’s third-largest economy, finance minister Nirmala Sitharaman said. In an interview with Mint, the finance minister said the country needs to create an atmosphere so larger overseas banks can enter India, and more …

FinMin revises letter, scotches PSU bank merger speculation
1 year ago

FinMin revises letter, scotches PSU bank merger speculation

Live Mint  

The Union finance ministry has rectified the agenda of a parliamentary committee meeting scheduled for early next year, putting an end to speculation of a potential merger of public sector banks—UCO Bank with Union Bank of India, and Bank of India with Bank of Maharashtra. In a letter addressed to, among others, the bank chiefs of the four PSU banks …

ECONOMIC PERSPECTIVES | Is a reversal of bank nationalisation on the cards?
1 year, 11 months ago

ECONOMIC PERSPECTIVES | Is a reversal of bank nationalisation on the cards?

The Hindu  

Published : Jan 26, 2023 10:25 IST The semi-annual Financial Stability Report from the Reserve Bank of India signals that the country’s banking system, especially the public banking system, has put behind it the stress from disturbingly high non-performing or bad loans on its books. The asset quality review resulted in an increase in the volume of recorded gross NPAs …

Your Existing Chequebook, Passbook will become invalid from Today. Details Here
3 years, 9 months ago

Your Existing Chequebook, Passbook will become invalid from Today. Details Here

News 18  

The merger of Dena Bank, Vijaya Bank, Corporation Bank, Andhra Bank, Oriental Bank of Commerce, United Bank and Allahabad Bank came into effect on April 1, 2019, and April 1, 2020. While, Oriental Bank of Commerce and United Bank of India were merged with Punjab National Bank, followed by Syndicate Bank merger with Canara Bank, Andhra Bank and Corporation Bank …

Cheque Book, Passbook of these banks to Become Invalid from April 1. Here's why
3 years, 9 months ago

Cheque Book, Passbook of these banks to Become Invalid from April 1. Here's why

News 18  

The merger of Dena Bank, Vijaya Bank, Corporation Bank, Andhra Bank, Oriental Bank of Commerce, United Bank and Allahabad Bank came into effect on April 1, 2019, and April 1, 2020. Alerting their customers, PNB and Bank of Baroda had already informed that the existing cheque books of OBC, United Bank of India, Vijaya Bank, and Dena Bank will get …

Centre likely to bring amendments to two legislations to facilitate privatisation of PSU banks
3 years, 10 months ago

Centre likely to bring amendments to two legislations to facilitate privatisation of PSU banks

Firstpost  

New Delhi: To facilitate the privatisation of public sector banks, the government is likely to bring amendments to two legislations later this year. Finance Minister Nirmala Sitharaman while presenting Budget 2021-22 earlier this month had announced the privatisation of Public Sector Banks as part of disinvestment drive to garner Rs 1.75 lakh crore. “Other than IDBI Bank, we propose to …

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 …

Banks Unions Call for Two-day Strike Against Proposed Privatisationof PSBs
3 years, 11 months ago

Banks Unions Call for Two-day Strike Against Proposed Privatisationof PSBs

News 18  

The United Forum of Bank Unions, an umbrella body of nine unions, on Tuesday gave a call for a two-day strike from March 15 to protest against the proposed privatisation of two state-owned lenders. It has been decided to oppose the government's decision to privatise banks during the meeting of UFBU held on Tuesday, All India Bank Employees Association general …

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 …

New NPA Cycle, Privatisation Among Ailments in Banking that Union Budget 2021 is Expected to Address
3 years, 11 months ago

New NPA Cycle, Privatisation Among Ailments in Banking that Union Budget 2021 is Expected to Address

News 18  

With the Union Budget less than a week away, stakeholders in the banking sector expect the Centre to go beyond recapitalisation of bonds to infuse capital in public sector banks. The RBI’s stress test recently revealed that bank NPAs could jump from 7.5 per cent in September last year to 13.5 per cent by September this year. The gross non-performing …

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 …

PNB Completes IT Integration of All Branches of UBI and Oriental Bank of Commerce with Itself
4 years ago

PNB Completes IT Integration of All Branches of UBI and Oriental Bank of Commerce with Itself

News 18  

State-owned Punjab National Bank on Monday said it has completed IT integration of all branches of erstwhile United Bank of India with itself. This is in continuation to the IT integration of all branches of erstwhile Oriental Bank of Commerce undertaken last month, PNB said in a statement. "With this PNB has concluded the integration and migration of databases of …

Union Bank Completes Integration of All Branches of Corporation Bank with Itself
4 years, 1 month ago

Union Bank Completes Integration of All Branches of Corporation Bank with Itself

News 18  

Union Bank of India has completed the IT integration after which all the branches of erstwhile Corporation Bank have come fully under its fold as part of the amalgamation exercise, the bank said on Wednesday. With this IT integration, all of erstwhile Corporation Bank, including service and specialised branches, have been fully integrated with Union Bank of India, it said …

A final push for the entry of corporate players in banking
4 years, 1 month ago

A final push for the entry of corporate players in banking

The Hindu  

Areport of an internal working group set up by the Reserve Bank of India has revived the discussion on the wisdom of allowing the entry of corporate players, including large business groups, into India’s banking space. Although the process of licensing a new generation of private banks began in 1993, primarily non-financial corporate entities have been eligible under the RBI’s …

AIBOC Opposes Merger of LVB with DBS Bank, Pitches for Merger With State-owned Bank
4 years, 1 month ago

AIBOC Opposes Merger of LVB with DBS Bank, Pitches for Merger With State-owned Bank

News 18  

A day after the RBI put in public domain a draft scheme of merger of Lakshmi Vilas Bank with subsidiary of Singapore-based DBS, public sector banks’ officer union AIBOC on Wednesday said the amalgamation is not in the national interest and demanded the consolidation with any PSB. The proposed amalgamation of the cash-strapped LVB with DBS Bank India seems to …

RBI Excludes 6 PSBs from Second Schedule of RBI Act
4 years, 3 months ago

RBI Excludes 6 PSBs from Second Schedule of RBI Act

News 18  

The RBI has excluded six public sector banks, including OBC and Allahabad Bank, from the Second Schedule of the RBI Act following their merger with other banks. The six banks are Syndicate Bank, Oriental Bank of Commerce, United Bank of India, Andhra Bank, Corporation Bank, and Allahabad Bank. "We advise that Syndicate Bank has been excluded from the Second Schedule …

Merged banks get time on bancassurance agreements
4 years, 8 months ago

Merged banks get time on bancassurance agreements

The Hindu  

Insurance regulator IRDAI has allowed the four banks, emerging from the recent mega bank merger exercise, to continue for a year with existing bancassurance agreements of the lenders that amalgamated with them. “The acquiring bank may continue arrangement with more than three entities in each of the life, general and health categories of insurers for a period of 12 months …

Mega PSU bank merger marks new dawn for Indian banking space: Finance ministry
4 years, 9 months ago

Mega PSU bank merger marks new dawn for Indian banking space: Finance ministry

Firstpost  

The biggest-ever consolidation exercise in the public sector banking space effected on Wednesday will mark a new dawn for the Indian banking sector, the Finance Ministry said on Wednesday New Delhi: The biggest-ever consolidation exercise in the public sector banking space effected on Wednesday will mark a new dawn for the Indian banking sector, the Finance Ministry said on Wednesday. …

PNB unveils new logo ahead of merger with United Bank of India, Oriental Bank of Commerce
4 years, 9 months ago

PNB unveils new logo ahead of merger with United Bank of India, Oriental Bank of Commerce

India TV News  

Ahead of a grand merger with two banks namely United Bank of India and Oriental Bank of Commerce on April 1, the Punjab National Bank has unveiled its new logo. Be a part of the #TogetherForTheBetter journey with us and experience a smoother and smarter way of banking," PNB said in a tweet on Monday. Assuaging concerns regarding the merged …

PSB mergers the new hurdle for resolutions under IBC
4 years, 9 months ago

PSB mergers the new hurdle for resolutions under IBC

Live Mint  

The approaching deadline for the merger of small public sector banks with their larger counterparts is slowing down resolution of cases under the Insolvency and Bankruptcy Code. While small state-run banks generally have limited influence in lender committees of large assets, in cases where they have a substantial say, key decisions on resolution are being postponed until the ongoing mergers …

Strong performance
4 years, 10 months ago

Strong performance

The Hindu  

The glitz and razzmatazz associated with modern banking, housed in large glass-and-concrete buildings, is a far cry from the business’ humble origins. In fact, the Indian Banks’ Association in 1995 described Corporation Bank as enjoying “the finest reputation amongst banks in India”. The bank’s total business crossed the Rs.50,000 crore mark in the financial year 2005-06. The bank’s volume of …

10 State-owned banks announce share swap ratios for mergers with nearing of March-end deadline
4 years, 10 months ago

10 State-owned banks announce share swap ratios for mergers with nearing of March-end deadline

Firstpost  

The Union Cabinet on Wednesday had okayed the amalgamation of 10 public sector banks to create four large state-owned lenders with effect from 1 April, 2020 New Delhi: With the March-end deadline for the biggest-ever amalgamation scheme is approaching, ten state-owned banks on Thursday announced swap ratios for the proposed mergers. Andhra Bank said, “Further, the board of directors of …

Govt likely to notify merger of 10 PSU banks this week; all lenders to complete amalgamation procedures by April
4 years, 10 months ago

Govt likely to notify merger of 10 PSU banks this week; all lenders to complete amalgamation procedures by April

Firstpost  

The banks will need to follow regulatory formalities to protect the interest of minority shareholders. The government is expected to notify the merger of 10 public sector banks that it had announced last year to create four big banks this week and the merger process may be completed by April, said a news report. Union Bank, Andhra Bank, Corporation Bank …

Maharashtra Co-op Bank pitches for branch merger of PMC Bank
4 years, 11 months ago

Maharashtra Co-op Bank pitches for branch merger of PMC Bank

India TV News  

Maharashtra State Co-operative Bank has written to Union Finance Minister Nirmala Sitharaman seeking merger of branches of PMC Bank, in case of a takeover of the troubled lender, a top official said on Tuesday. In support of his argument, Anaskar reminisced over six years ago, there was a similar proposal for a branch merger of the troubled Rupee Cooperative bank …

Union Budget 2020: Budget May Provision Rs 50k Cr Recap For PSU Banks
4 years, 11 months ago

Union Budget 2020: Budget May Provision Rs 50k Cr Recap For PSU Banks

ABP News  

New Delhi: The Union Budget 2020 may allocate Rs 50,000 crore recapitalisation for the banks undergoing merger to support them through the amalgamation with the anchor banks. The new merged bank will be the second-largest PSB in the country with Rs 18 lakh crore business and the second-largest branch network in India. The Canara and Syndicate Banks will also merge …

No job losses post merger of 10 PSBs: Government
5 years, 1 month ago

No job losses post merger of 10 PSBs: Government

India TV News  

The government on Tuesday assured the Rajya Sabha that merger of 10 public sector banks will not lead to any job losses and employees' interest will be protected. During the Question Hour, Minister of State for Finance Anurag Singh Thakur said lending and other banking services to eastern states will be improved after two Kolkata-based banks are merged. "Amalgamating banks …

Vijaya Bank, Dena bank removed from second schedule of RBI Act
5 years, 1 month ago

Vijaya Bank, Dena bank removed from second schedule of RBI Act

India TV News  

The Reserve Bank of India on Thursday said it has excluded Vijaya Bank and Dena Bank from the second schedule of the RBI Act, with effect from April 1, 2019. "Vijaya Bank and Dena Bank have been excluded from the second schedule to the Reserve Bank of India Act, 1934 with effect from April 1, 2019, since they have ceased …

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 …

PNB, Union Bank get in-principal nod from government for proposed merger
5 years, 1 month ago

PNB, Union Bank get in-principal nod from government for proposed merger

Hindustan Times  

Punjab National Bank and Union Bank of India on Monday said they have received in-principal approval from the government for their amalgamation with other public sector banks. Punjab National Bank is the transferee bank and Oriental Bank of Commerce and United Bank of India as transferor banks. “Bank has received a letter dated November 13, 2019 from Department of Financial …

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 …

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

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

India TV News  

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. Of this, 75 per cent of the affected branches belong to the country's biggest lender State Bank of India. To a query under the Right …

Bank strike against merger today; several branches, ATMs likely to be shut
5 years, 2 months ago

Bank strike against merger today; several branches, ATMs likely to be shut

India TV News  

Employees of two bank unions are on a 24-hour strike from Tuesday morning, which could affect the banking operations across India. The bank strike has been called in protest against the Central government's decision to merge 10 public sector banks into four bigger banks. All the banks which are facing closures, namely Andhra Bank, Allahabad Bank Syndicate Bank, Corporation Bank, …

Bank Strike Alert: Banking services to be hit across several cities for 4 days; check details
5 years, 2 months ago

Bank Strike Alert: Banking services to be hit across several cities for 4 days; check details

India TV News  

Bank Strike Alert: Banks in Maharashtra and Haryana will remain open for only three days this week on account of the Assembly Elections in the states and bank unions strike. Bank employees unions have called a rike on October 22 against the Centre's decision to merge 10 state-run Public Sector Banks into four. Due to this, banking operations could be …

Bank unions on strike tomorrow against 10 public sector banks merger
5 years, 2 months ago

Bank unions on strike tomorrow against 10 public sector banks merger

India TV News  

Bank employees have called for a strike on October 22 to oppose the government's decision to merge 10 state-run banks into four. The two unions of bank employees -- All India Bank Employees Association and Bank Employees Federation of India have jointly called for the strike. State-run banks including Bank of Maharashtra, Oriental Bank of Commerce, Syndicate Bank and Bank …

PNB, UBI, OBC merger: Outside expert may be roped in to decide logo of new merged entity
5 years, 2 months ago

PNB, UBI, OBC merger: Outside expert may be roped in to decide logo of new merged entity

Firstpost  

The proposed merger, expected to be effective from 1 April next year, will lead to the creation of the country’s second-largest lender after State Bank of India, with a total business volume of about Rs 18 lakh crore Kolkata: With three state-run lenders—Punjab National Bank, United Bank of India and Oriental Bank of Commerce —heading for an amalgamation, an outside …

34 functional teams to smoothen merger of UBI, PNB, OBC
5 years, 3 months ago

34 functional teams to smoothen merger of UBI, PNB, OBC

India TV News  

A total of 34 functional teams have been formed to smoothen the process of merger of United Bank of India, Punjab National Bank and Oriental Bank of Commerce, a senior official said. "Thirty four functional teams have been created to come out with solutions for the process of integration," a UBI official told PTI. "The functional teams will also try …

Bank unions defer 2-day strike; operations to be normal on Sep 26-27
5 years, 3 months ago

Bank unions defer 2-day strike; operations to be normal on Sep 26-27

India TV News  

Officers' unions of public sector banks have deferred the proposed two-day strike following an assurance from Finance Secretary Rajiv Kumar to look into their concerns. Four unions of bank officers had threatened to go on a two-day strike from September 26 to protest against the consolidation of 10 state-run lenders into four. The Indian Banks' Association had informed SBI that …

No concern to asset quality post UBI, OBC merger: PNB CEO
5 years, 3 months ago

No concern to asset quality post UBI, OBC merger: PNB CEO

India TV News  

The Punjab National Bank, which is the anchor bank for a scheduled merger with the United Bank of India and the Oriental Bank of Commerce, has said that it does not see any erosion in asset quality after the merger and the best HR, process and products will be chosen for the consolidated entity to offer a win-win situation for …

RBI to ensure mega bank mergers non-disruptive, central bank in discussion with govt: Shaktikanta Das
5 years, 3 months ago

RBI to ensure mega bank mergers non-disruptive, central bank in discussion with govt: Shaktikanta Das

Firstpost  

The Reserve Bank of India is in discussions with the government to ensure that the mega bank merger process is carried out in a non-disruptive, governor Shatikanta Das said on Friday Mumbai: The Reserve Bank of India is in discussions with the government to ensure that the mega bank merger process is carried out in a non-disruptive, governor Shatikanta Das …

Nirmala Sitharaman to review bank merger preparedness amid strike call on Sept 26-27
5 years, 3 months ago

Nirmala Sitharaman to review bank merger preparedness amid strike call on Sept 26-27

India TV News  

Finance Minister Nirmala Sitharaman will conduct a meeting of the heads of PSU banks on Thursday to discuss bank merger-related issues. "Tomorrow's PSB meeting will take up some of the key issues which relate to passing of low cost of borrowing and NPA settlement, doorstep banking and also the merger execution strategies to be taken up by the merging and …

Boards of Corporation Bank, Allahabad Bank give in-principal approval for respective merger plans
5 years, 3 months ago

Boards of Corporation Bank, Allahabad Bank give in-principal approval for respective merger plans

Firstpost  

New Delhi: Corporation Bank on Monday said the board has given its in-principle approval for the merger with Union Bank of India. “The board of directors in its meeting held on 16 September, 2019 has given in-principle approval for the amalgamation of the Corporation Bank into Union Bank of India,” it said in a regulatory filing. Earlier on 9 September, …

Strike call given by bank officers' union may affect normal business at branches: SBI
5 years, 3 months ago

Strike call given by bank officers' union may affect normal business at branches: SBI

Firstpost  

New Delhi: The State Bank of India on Monday said the operations of the bank could be affected if the two-day strike call given by officers’ unions materialises. The bank has been advised by Indian Banks’ Association that the All India Bank Officers’ Confederation, All India Bank Officers’ Association, Indian National Bank Officers’ Congress and National Organisation of Bank Officers …

Bank unions call for two-day strike from Sept 26, SBI says normal ops likely to be affected
5 years, 3 months ago

Bank unions call for two-day strike from Sept 26, SBI says normal ops likely to be affected

India TV News  

If you are planning to carry out any important bank-related work on September 26 and 27, you might have to do it before or post it as operations in key public sector banks are likely to be hit due to proposed strike of bank unions. Sitharaman said the Punjab National Bank, Oriental Bank of Commerce and United Bank will merge …

Bank officers' union threatens 2-day strike from Sep 26 against mergers
5 years, 3 months ago

Bank officers' union threatens 2-day strike from Sep 26 against mergers

India TV News  

Four unions of officers of public sector banks have threatened to go on a two-day strike from September 26 to protest against the announced consolidation of 10 state-run lenders into four. All India Bank Officers' Confederation, All India Bank Officers' Association, Indian National Bank Officers' Congress, National Organisation of Bank Officers have jointly served the strike notice. According to the …

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 …

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