List of Mergers & Acquisitions of Bank in India

Hello Aspirants,

We are providing here with some important list of bank mergers and acquisitions in India. These list will help you in upcoming IBPS, SSC and other competitive exams.

Merger is nothing but amalgamation of two groups into single entity. Merger is a process of combining two business entities under the common ownership. Usually merger occurs when an independent bank loses its charter and becomes a part of an existing bank.

In 1960s, the Indian banking industry had turned into an efficient tool to facilitate the development of the Indian economy. At the same time, it had emerged as a large employer, and a debate had ensued about the nationalization of the banking industry.

In 1969 the Prime Minister Indira Gandhi initiated the process of nationalization of banks. Since then a number of mergers have taken place.

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Bank Merger 2019

The government of India (GoI) has announced for merging of banks in 2019, in-order to revive them from the 6 year low economy due to sudden slowed economic growth.The current finance minister Smt. Nirmala Sitharaman announced for merger of 10 public sector banks into 4.  After the mergers the country will have only 12 public sector banks. The anchor banks for this merger are the  Punjab National Bank, Canara Bank, Union Bank of India and the Indian Bank. Prior to this announcement, in April 2019, Vijaya Bank and Dena Bank (amalgamating banks) were merged into Bank of Baroda

Rank of banks after the above amalgamation:

The independent PSU banks in 2019: Currently in 2019, there are 6 Public Sector Unit (PSU) banks that remain independent without any merger with other banks. They are

Capital infusion in PSU 2019: Finance Minister Sitharaman announced capital infusion in the Public Sector Banks(PSB) with Rs 55,250 Crore of capital in 2019.

2018:

IDFC first bank: The non-banking financial company (NBFC) Capital First completely merged with IDFC bank on 18th December 2018 to form the IDFC First Bank. The announcement for the merger was made on 13th January 2018. The IDFC First bank has a loan asset book of Rs 1.03 lakh crore.

• MD&CEO: V Vaidyanathan, the founder and chairman of Capital First Ltd, has been appointed as the Managing Director(MD) and Chief Executive Officer(CEO) of the newly formed IDFC First bank.