"FINANCE MINISTRY OF INDIA: ‘Merging
of PSU Banks is a necessity for the growth of Indian Economy. To
create new jobs, PSU Bank employees have to retire at 58 years of
age. India will have 9 PSU Banks which will be known as NAVARATNAS.
State Bank of India will acquire its Associate Banks. Punjab National
Bank will acquire Punjab & Sind Bank and Oriental Bank of
Commerce. Bank of Baroda will acquire Dena Bank and
Bank of Maharashtra. Bank of India will acquire Allahabad Bank. IDBI
Bank will acquire Bharatiya Mahila Bank and UCO Bank. Canara Bank
will acquire Andhra Bank and Syndicate Bank. Corporation Bank will
acquire United Bank of India. Union Bank of India will acquire Indian
Overseas Bank. Central Bank of India will acquire Vijaya Bank and
Indian Bank.’ RESERVE BANK OF INDIA: ‘We have full support in
this proposal. Also, the Government Stakes of these 9 PSU Banks
should lie in between 51% to 55% only.’”-Arindam Sain
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