PSU Bank Merger

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PSU Bank merger: You'll have to take stock of your cheque books, passbooks, IFCS, ECS mandates and other things once you start dealing with the new entity

Move result of change in pecking order post-mergers

The merger was complicated by the fact that the government had not allowed post-merger lay-offs for any of the banks under this process

Indian-Allahabad Bank amalgamation: Changes & all the post-merger details

Despite the pandemic, the Allahabad Bank merger with Indian Bank concluded the final technical amalgamation (software integration) last month

This is the final step in the amalgamation, with data of 3,000-plus branches and all channels of erstwhile Allahabad Bank migrating seamlessly to Indian Bank database

Canara Bank, Bank of Maharashtra, Bank of Baroda, and State Bank of India surged between 2.6 per cent and 6 per cent in the intra-day trade today

RBI Board member Satish Marathe said public sector banks need an overhaul of their systems, processes and staff attitudes to be relevant and effective in the future

While UBI posted a net loss of around Rs 6,700 crore in the quarter ending March 2020 (Q4FY20), OBC logged a net loss of around Rs 2,700 crore, an executive said, requesting anonymity.

On April 1, Punjab National Bank (PNB) took over Oriental Bank of Commerce (OBC) and United Bank of India (UBI) to become the country's second-largest lender after SBI in terms of business

Both the banks have come together amid the coronavirus (Covid-19) lockdown and started working as a single bank with a larger footprint.

Irdai has said the acquiring bank can retain the existing certificate of registration (COR) to act as a corporate agent and surrender the COR's held by the acquired banks

Union Bank of India's Rajkiran Rai G, in an interview with Abhijit Lele, talks about managing the integration of banks amid lockdown, raising capital

The ecosystem is favourable to us because of the developments over the last two months. Therefore, we will have to work in converting that confidence into business relationships, says Rao

In a March 31 Q&A, the lender's MD & CEO dwells on its strengths following the amalgamation with Allahabad Bank

The bank is in the process of filing listing applications with the stock exchanges

Experts said merger at this point of time will not be very smooth and seamless. However, heads of the anchor banks are exuding confidence

Each of the amalgamated entities with scale and national reach would have a business of over Rs 8 trillion.

Effective April 1, Allahabad Bank will merge with Indian Bank, creating an entity with over 6,000 branches, 4,800 ATMs, 43,000 employees, 120 million customers and business mix of Rs 8 trillion

Experts say concern over growth, credit cost, and asset quality would restrict valuation improvement despite sharp correction in share prices