Government of india has proposed merger of 27 PSBs
Very-very Important News.
Government of india has proposed merger of 27 PSBs (Public Sector Banks) to become only 6 Banks in India.
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
3. Canara Bank (Anchor Bank)
Indian Overseas Bank
4. Union Bank of India (Anchor Bank)
IDBI Bank Ltd
Central Bank of India
5. Bank of India (Anchor Bank)
Bank of Maharashtra
6. Bank of Baroda (Anchor Bank)
United Bank of India
Punjab & Sind Bank
Bhartiya Mahilla Bank
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 chque cannot be represented again & payee if need be will have to file legal complaint under section 138.