PSU Banks merger to take effect from April 1: RBI

The Reserve Bank of India has declared that the proposed merger of 10 PSU banks into 4 mega entities will take effect from April 1, as scheduled.

All branches of Oriental Bank of Commerce and United Bank of India will work as the branches of Punjab National Bank.

All branches of Allahabad Bank will become branches of Indian Bank, while the branches of Andhra Bank and Corporation Bank will function as the branches of Union Bank of India. Similarly, all branches of Syndicate Bank will come under the umbrella of Canara Bank from April 1.

In its release the RBI said that the wages would be paid on time.