Vijaya-Dena bank merger with Bank of Baroda comes into effect from today
5 years, 11 months ago

Vijaya-Dena bank merger with Bank of Baroda comes into effect from today

India TV News  

All branches of Vijaya Bank and Dena Bank will function as branches of the Bank of Baroda as the amalgamation of the former two banks comes into effect from Monday. The merger of Vijaya Bank and Dena Bank with BoB was approved by the cabinet in January. "Consequently, all branches of Vijaya Bank and Dena Bank will function as branches of the Bank of Baroda from April 1, 2019. Customers, including depositors of Vijaya Bank and Dena Bank will be treated as customers of Bank of Baroda with effect from April 1, 2019," a statement by the Reserve Bank of India said on Saturday.

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History of this topic

India: Centre rules out new PSU bank mergers
3 months, 3 weeks 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 …

Government may introduce amendments to laws to push banking sector reforms in Budget session
8 months, 2 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
1 year, 1 month 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 …

ECONOMIC PERSPECTIVES | Is a reversal of bank nationalisation on the cards?
2 years, 2 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 …

RBI to conduct customer satisfaction survey on bank mergers
3 years, 11 months ago

RBI to conduct customer satisfaction survey on bank mergers

India TV News  

RBI to conduct customer satisfaction survey on bank mergers Among other things, the respondents will be asked whether the merger was positive from the point of customer services. The Reserve Bank of India has decided to conduct a customer satisfaction survey to find out the impact of the recent mergers of state-owned banks on banking services being availed by individuals. …

Your Existing Chequebook, Passbook will become invalid from Today. Details Here
3 years, 11 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
4 years 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
4 years, 1 month 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
4 years, 1 month 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 …

Mega PSU bank merger marks new dawn for Indian banking space: Finance ministry
4 years, 11 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. …

Mega-Merger Of PSU Banks To Be Effective From Today; Key Points
4 years, 11 months ago

Mega-Merger Of PSU Banks To Be Effective From Today; Key Points

ABP News  

According to the scheme, Oriental Bank of Commerce and United Bank of India will be merged into Punjab National Bank; Syndicate Bank into Canara Bank; Allahabad Bank into Indian Bank; and Andhra and Corporation banks into Union Bank of India. Branches of Oriental Bank of Commerce and United Bank of India will operate as branches of Punjab National Bank; Syndicate …

PSB mergers the new hurdle for resolutions under IBC
5 years 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 …

Ten public sector banks' merger to come into effect from 1 April, says Nirmala Sitharaman – Firstpost
5 years ago

Ten public sector banks' merger to come into effect from 1 April, says Nirmala Sitharaman – Firstpost

Firstpost  

New Delhi: The Union Cabinet on Wednesday approved amalgamation of 10 public sector banks, including Allahabad Bank, Andhra Bank and OBC, to create large four state-owned lenders with effect from 1 April, Finance Minister Nirmala Sitharaman said. As per the mega consolidation plan, Oriental Bank of Commerce and United Bank of India will merge into Punjab National Bank; Syndicate Bank …

Mega bank consolidation: Meeting 1 April deadline appears challenging with approvals, clearances still pending
5 years, 1 month ago

Mega bank consolidation: Meeting 1 April deadline appears challenging with approvals, clearances still pending

Firstpost  

According to a senior banker, information technology integration of Vijaya Bank and Dena Bank with Bank of Baroda is still in process even after 10 months of merger. Mumbai: With the deadline of 1 April fast approaching for the mega merger of 10 public sector banks, there seems to be more odds in the way of meeting the target date …

Bank strike: SBI to Bank of Baroda, services at these banks to be hit across India today
5 years, 2 months ago

Bank strike: SBI to Bank of Baroda, services at these banks to be hit across India today

India TV News  

Bank Strike: If you have any important work at bank branches today, then you'll have to wait for Thursday as operations in major banks, including the State Bank of India and Bank of Baroda among others, as well as ATMs will be affected across the country due to the 'Bharat Bandh' call issued by Central Trade Unions. Services at these …

Vijaya Bank, Dena bank removed from second schedule of RBI Act
5 years, 4 months 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 …

Mega merger of PSBs: Employees unions of state-run banks to stage sit-in before Parliament on 10 December
5 years, 4 months ago

Mega merger of PSBs: Employees unions of state-run banks to stage sit-in before Parliament on 10 December

Firstpost  

In August this year, the government announced its plan to merge 10 PSBs into four to create fewer and stronger global-sized banks. Mumbai: Thousands of employees of various state-run banks are planning to stage a sit-in on 10 December in front of the Parliament to protest against the government’s mega merger plan of public sector banks. It had announced four …

Over 3,400 branches of 26 public sector banks closed or merged in last 5 years: RTI
5 years, 4 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 …

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

34 functional teams to smoothen merger of UBI, PNB, OBC
5 years, 5 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, 6 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 …

Bank strike deferred after assurance from government
5 years, 6 months ago

Bank strike deferred after assurance from government

Live Mint  

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, 6 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 …

Nirmala Sitharaman to review bank merger preparedness amid strike call on Sept 26-27
5 years, 6 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, 6 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, 6 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, 6 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 …

PNB merger to create second largest PSU bank from 1 April. 10 things to know
5 years, 6 months ago

PNB merger to create second largest PSU bank from 1 April. 10 things to know

Live Mint  

In its bid to create "NextGen banks", the finance ministry has decided to merge 10 public sector banks into four. The merger of United Bank of India and Oriental Bank of Commerce with Punjab National Bank will give birth to India's second largest public sector bank after the State Bank of India. The PNB merger, which will make the bank …

Mamata Banerjee writes to PM Modi, protests against bank mergers
5 years, 6 months ago

Mamata Banerjee writes to PM Modi, protests against bank mergers

Live Mint  

West Bengal Chief Minister Mamata Banerjee wrote to Prime Minister Narendra Modi on Friday protesting against the Centre's unilateral decision to merge two public sector banks headquartered in the city without consulting the state government. "Im deeply concerned to learn that two public sector banks headquartered in Kolkata are being merged with banks headquartered in Delhi and Chennai respectively without …

Union Bank of India board meet on 9 September to approve amalgamation of Andhra Bank, Corporation Bank with itself
5 years, 6 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 …

Mega merger woes: Bank officers associations to meet in Delhi today, will decide on future course of action
5 years, 6 months ago

Mega merger woes: Bank officers associations to meet in Delhi today, will decide on future course of action

Firstpost  

Besides, Indian Bank will be merged with Allahabad Bank, making it the seventh-largest state-owned bank. Hyderabad: Opposing the merger of banks, officers associations of various banks will meet in the national capital today to chalk out the future course of action, a top official of All India Andhra Bank Officers Association said. Finance Minister Nirmala Sitharaman had last week announced …

Indian Bank expects to complete merger with Allahabad Bank by 31 March: Managing Director Padmaja Chunduru
5 years, 6 months ago

Indian Bank expects to complete merger with Allahabad Bank by 31 March: Managing Director Padmaja Chunduru

Firstpost  

New Delhi: State-owned Indian Bank expects to complete the merger with Allahabad Bank by the end of current fiscal, a top official said. Last week, the government announced the consolidation of 10 public sector banks into four mega state-owned lenders, including the merger of Allahabad Bank with Indian Bank. I expect that all the process should ideally be over by …

Indian Bank expects to complete merger with Allahabad Bank by March 31
5 years, 6 months ago

Indian Bank expects to complete merger with Allahabad Bank by March 31

India TV News  

State-owned Indian Bank expects to complete the merger with Allahabad Bank by the end of current fiscal, a top official said. Last week, the government announced consolidation of 10 public sector banks into four mega state-owned lenders, including merger of Allahabad Bank with Indian Bank. Indian Bank last week received a communication from Ministry of Finance that the Alternative Mechanism …

Bank merger: Officers associations to meet in Delhi on September 5
5 years, 6 months ago

Bank merger: Officers associations to meet in Delhi on September 5

India TV News  

Opposing the merger of banks, officers associations of various banks will meet in the national capital on September 5 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 Punjab …

Mixed reactions from brokerage firms on banking merger
5 years, 6 months ago

Mixed reactions from brokerage firms on banking merger

India TV News  

Brokerage firms on Tuesday said that by and large the consolidation in the banking sector is a positive move, yet it can weigh on the merging entities in the near term. State Bank of India, Bank of Baroda and leading private sector banks would edge the merging banks to be in a stronger position. Kotak Securities said: "Our thesis remains …

PSU banks merger woes: Bank officers associations to meet in Delhi on 5 September
5 years, 6 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 …

PSB mega mergers: PNB to consider Rs 18,000-cr capital infusion in board meeting on 5 September
5 years, 6 months ago

PSB mega mergers: PNB to consider Rs 18,000-cr capital infusion in board meeting on 5 September

Firstpost  

Finance Ministry has decided that PNB, OBC and UBI may consider the amalgamation of OBC and UBI into PNB New Delhi: The Punjab National Bank on Monday said the board will consider capital infusion of up to Rs 18,000 crore in its meeting later this week. “The board shall consider capital infusion up to Rs 18,000 crore in its meeting …

Opinion | Bank mergers are no silver bullet for India
5 years, 6 months ago

Opinion | Bank mergers are no silver bullet for India

Live Mint  

With every passing day, India’s economic indicators are turning a little bleaker. Thus, one of the few areas where there’s new investment may be affected, especially with a sharp rise in debt levels of the government agency that gives out the contracts. State Bank of India, the largest lender, will require ₹15,000 crore in the current fiscal year, according to …

There will not be a single job loss due to merger of banks, assures Nirmala Sitharaman
5 years, 6 months ago

There will not be a single job loss due to merger of banks, assures Nirmala Sitharaman

Firstpost  

The merger of banks 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 2019. Chennai: Finance Minister Nirmala Sitharaman on 1 September allayed fears of job losses following the proposed merger of public sector banks, saying not even one employee shall be …

There will not be single job loss due to merger of banks: FM Sitharaman
5 years, 6 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 …

Will bank mergers result in job losses? Nirmala Sitharaman rules it out
5 years, 6 months ago

Will bank mergers result in job losses? Nirmala Sitharaman rules it out

India TV News  

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. Sitharaman on Friday unveiled a mega plan to merge 10 public sector banks into four as part of plans to create fewer and stronger global-sized lenders as the government looked …

PNB board to meet on 5 September to consider merger with OBC, United Bank
5 years, 6 months ago

PNB board to meet on 5 September to consider merger with OBC, United Bank

Live Mint  

New Delhi: Punjab National Bank on Saturday said its board of directors will meet on 5 September to consider the lender's merger with Oriental Bank of Commerce and United Bank of India. In a BSE filing, Punjab National Bank said "the meeting of board of directors of the bank is scheduled to be held on 5th September, 2019" for considering …

Nirmala's big bank reform: Will it boost the economy?
5 years, 6 months ago

Nirmala's big bank reform: Will it boost the economy?

India Today  

Four mega mergers of public sector banks, which control a two-third of India's banking in terms of advances and deposits, are meant to create a stepping stone to the government's $5 trillion GDP target. Experts suggest there should be a differentiation in terms of product category, say SME or emerging corporate focused banks or purely retail banks or large corporate …

Banks merger reflects govt resolve to address economic slowdown: India Inc
5 years, 6 months ago

Banks merger reflects govt resolve to address economic slowdown: India Inc

India TV News  

The government's move to consolidate public sector banks indicates its resolve to address the slowdown in GDP growth, as the country's economy expanded at its weakest pace in over six years in the April-June quarter of 2019-20, the industry said on Friday. A sharp deceleration in manufacturing output and subdued farm sector activity pulled down India's gross domestic product growth …

Merger can't tackle issues of low capital,higher NPAs:Analysts
5 years, 6 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 unveils mega bank mergers to revive growth from 5-yr low
5 years, 6 months ago

Govt unveils mega bank mergers to revive growth from 5-yr low

India TV News  

The government on Friday unveiled a mega plan to merge 10 public sector banks into four as part of plans to create fewer and stronger global-sized lenders as it looks to boost economic growth from a five-year low. Finance Minister Nirmala Sitharaman, who had last week announced tax sops and measures for sectors such as auto, announced four new set …

After merger, there will be 12 PSU banks: Here is the full list
5 years, 6 months ago

After merger, there will be 12 PSU banks: Here is the full list

Live Mint  

The government on Friday unveiled a mega plan to merge 10 public sector banks into four as part of plans to create fewer and stronger global-sized lenders as it looks to boost economic growth from a six-year low. Oriental Bank of Commerce and United Bank merger will merge into Punjab National Bank to create a bank with ₹17.95 lakh crore …

What will change, what won’t for account holders as 10 PSU banks are merged into 4
5 years, 6 months ago

What will change, what won’t for account holders as 10 PSU banks are merged into 4

Hindustan Times  

Finance Minister Nirmala Sitharaman on Friday announced a slew of PSU bank mergers as part of consolidation efforts and said, “We want banks with strong national presence and enhanced risk appetite.” Finance Minister Nirmala Sitharaman during a media briefing on the Gross Domestic Product Index at the National Media Centre in New Delhi on Friday. The banks mergers announced by …

Mega bank merger announcement: Govt to amalgamate 10 public sector banks into four large entities
5 years, 6 months ago

Mega bank merger announcement: Govt to amalgamate 10 public sector banks into four large entities

Firstpost  

After the bank merger, only 12 PSBs will be left in India from the 27 earlier After the announcement of the foreign direct investment, in a major reform measure, the Central government on Friday amalgamated 10 public sector banks into four entities, bringing down their total number to 12 from 27 in 2017, a move aimed at making state-owned lenders …

Govt announces sweeping governance reforms for PSU bank boards
5 years, 6 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 …

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