Government of india proposed merger of 27 PSBs into 6.

Government of india proposed merger of 27 PSBs into 6.

Below the name of Public sector Banks with the Anchor Bank (with which other Banks will get merged).

1. State Bank of India (Anchor Bank)
State Bank of Hyderabad

State Bank of Patiala

State Bank of Travancore

State Bank of Bikaner & Jaipur

State Bank of Mysore

2. Punjab National Bank (Anchor Bank)
Oriental Bank of Commerce

Allahabad Bank

Corporation Bank

Indian Bank

3. Canara Bank (Anchor Bank)
Syndicate Bank

Indian Overseas Bank

UCO Bank

4. Union Bank of India (Anchor Bank)
IDBI Bank Ltd

Central Bank of India

Dena Bank

5. Bank of India (Anchor Bank)
Andhra Bank
Bank of Maharashtra

Vijaya Bank

6. Bank of Baroda (Anchor Bank)
United Bank of India

Punjab & Sind Bank

Bhartiya Mahilla Bank

Important announcement:

Under direction of RBI that from 1st April 2016 the clearing of cheques would be done on the same day in house where cheque is deposited i.e. with any Bank whether Nationalised & co – operative etc. and while screening if there is insufficiency of fund the bounced chq cannot be represented again & payee if need be will have to file legal complaint under section 138.