 "Nirmala Sitharaman")
India is merging its state-run banks to form fewer and stronger lenders, as Prime Minister Narendra Modi looks to boost credit and revive economic growth from a five-year low.
Punjab National Bank, Oriental Bank of Commerce and United Bank of India will combine to form the nation’s second-largest lender, Finance Minister Nirmala Sitharaman said at a briefing in New Delhi on Friday. Canara Bank will join Syndicate Bank; Union Bank of India with Andhra Bank and Corporation Bank; and Indian Bank with Allahabad Bank. Together, they will hold business worth Rs 55.8 trillion.
News of the mergers comes minutes before
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