Chennai: Indian banking industry witnessed a mega consolidation exercise on 1 April 2020, which reduced the number of Public Sector Banks from 19 to 12 at present.
Erstwhile Oriental Bank of Commerce and United Bank of India were amalgamated with Punjab National Bank to create one of the largest banking behemoths in the country with total business exceeding Rs 18 lakh crore.
PNB said it now has a wide presence across the country with its 10,800+ branches, 13,900+ ATMs and 12,300+ business correspondents with One lakh plus strong workforce.
With the first anniversary of the mega consolidation, PNB said it has completed the integration of business, people and technology to prepare the bank to realise gains from the synergies of amalgamation.