PSU Bank Mergers & Privatisation on Hold During Elections - DFS Secy

New Delhi, May 17 (PTI) Financial Services Secretary Vivek Joshi on Friday said he cannot comment on the merger or privatisation of Public Sector Banks (PSBs) during the ongoing Lok Sabha polls.

Asked to clarify reports of the merger of PSBs, he said, "Elections are going on, it is not appropriate to comment on such issues."

The government in the past had done consolidated of PSBs in two tranches.

The mega consolidation, which took effect from April 1, 2020, saw 10 PSBs consolidate into four --? Oriental Bank of Commerce and United Bank of India merged with Punjab National Bank; Syndicate Bank merged with Canara Bank; Andhra Bank and Corporation Bank merged with Union Bank of India; and Allahabad Bank with Indian Bank.

Prior to this mega consolidation, Vijaya Bank and Dena Bank had merged with Bank of Baroda with effect from April 1, 2019.