The government announced a mega merger of public sector banks and massive cash infusion, saying these moves were required to strengthen India’s banking system.
With 10 public sector lenders merged into four, India’s public sector banking landscape has undergone a radical change.
In terms of business size, this is how the new pecking order of banks in India will be:
1. State Bank of India: Rs 52.05 lakh crore.
2. Punjab National Bank + Oriental Bank of Commerce + Union Bank of India: Rs 17.94 lakh crore.
3. Bank of Baroda (including Vijaya Bank and Dena Bank): Rs 16.13 lakh crore.
4. Canara Bank + Syndicate Bank: Rs 15.20 lakh crore.
5. Union Bank + Andhra Bank + Corporation Bank: Rs 14.59 lakh crore.
6. Bank of India: Rs 9.03 lakh crore.
7. Indian Bank + Allahabad Bank: Rs 8.08 lakh crore.
8. Central Bank of India: Rs 4.68 lakh crore.
9. Indian Overseas Bank: Rs 3.75 lakh crore.
10. UCO Bank: Rs 3.17 lakh crore.
11. Bank of Maharshtra: Rs 2.34 lakh crore.
12. Punjab & Sind Bank: Rs 1.71 lakh crore.
Figures as of March 2019
First Published: Aug 30, 2019 5:57 PM IST
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