PSU Banks have performed better over the quarter as for the quarter ended June there have been 14 PSBs that are profitable in contrast to the March ended quarter wherein only 8 made it to the profitability.
Also there has been a replication of one bank's strength to the other, said Nirmala Sitharaman such as the human resource efficiency.
6.9% CASA increase for the BOB, Dena Bank and Vijaya Bank. All in all, there will remain 12 PSU entities in the banking space, and there will be consolidation. There has been laid out recapitalisation plan for the different PSBs.
Banking merger will work to support the broader dream of $5 trilion economy. Also, it has been proposed that there will be no downsizing during banking merger.
Here's complete list of PSBs that will be the new norm soon:
1. Indian Overseas Bank
2. Uco Bank
3. Bank of Maharashtra
4. Punjab and Sind Band
5. Punjab National Bank, Oriental Bank of Commerce and United Bank of India will combine be to the second largest PSB
6. Canara Bank and Syndicate Bank will merge
7. Union Bank of India will amalgamate with Andhra Bank and Corporation Bank
8. Indian Bank will merge with Allahabad Bank
9. Bank of India
10. Central Bank of India