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Tuesday, January 25, 2022

Are the two state-owned banks OBC and United Bank of India closed? The bank responded

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Are the government banks Bank Oriental Bank of Commerce and United Bank of India (UNI-United Bank of India) closed?

For the past few days, the country’s largest state-run PNB, Punjab National Bank (PNB-Punjab National Bank) is answering questions related to the wrong news that is happening on customers and social media. First of all, let us tell you that the two largest government banks of the country, Oriental Bank of Commerce and United Bank of India (UNI-United Bank of India) have merged with PNB-Punjab National Bank. Already happened. After this, there were reports that the Oriental Bank of Commerce and the United Bank of India (UNI-United Bank of India) have closed down. Let’s know the answers to all the questions related to this…

What is the matter

Punjab National Bank has told through its Twitter handle that the reports of the closure of Oriental Bank of Commerce and United Bank of India (UNI-United Bank of India) have been reported. That is completely wrong.

What did PNB say about the closure of OBC and UNI bank?

Punjab National Bank says that the merger of Oriental Bank of Commerce and United Bank of India has been done in PNB. These banks are not closed.

Let us tell you that the merger of 10 state-owned banks was done on April 1, 2020. After the merger, 10 government banks turned into 4 big banks.

Among the other banks that have been merged, Syndicate Bank has been merged with Canara Bank, Andhra Bank and Corporation Bank with Union Bank of India and Allahabad Bank with Indian Bank.

Now what is the preparation of the government next

The privatization of banks was announced in the budget presented on 1 February 2021. There are plans for privatization of two public sector banks in the financial year 2021-22.

The name of Bank of Maharashtra, Indian Overseas Bank, Bank of India, Central Bank is discussed in the new list. However, no decision has been taken so far.

The privatization of 2 out of 4 banks will take place in FY 2021-22. The government is considering selling stakes in mid-size and small banks under the first phase of privatization in the banking sector. In the coming years, the government can also bet on big banks of the country.

Also read- Will crores of PNB customers no longer be able to withdraw money from their ATM cards? The bank responded

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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