Merger of various Banks in India with effect from 1st April, 2020.
Table of Contents
The merger of various Banks in India with effect from 1st April 2020.
Branches of Allahabad Bank to operate as branches of Indian Bank from April 1, 2020.
The amalgamation of Allahabad Bank into Indian Bank Scheme, 2020 dated March 4, 2020, issued by the Government of India was published under Extraordinary Part II-Section 3-sub-section (i) in the Gazette of India sanctioning the Amalgamation of Allahabad Bank into Indian Bank in terms of Section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. The scheme comes into force on the 1st day of April 2020.
Consequently, all branches of Allahabad Bank will function as branches of Indian Bank from April 1, 2020. Customers, including depositors of Allahabad Bank, will be treated as customers of the Indian Bank will effect from April 1, 2020.
Branches of Syndicate Bank to operate as branches of Canara Bank from April 1, 2020.
The amalgamation of Syndicate Bank into Canara Bank Scheme, 2020 dated March 4, 2020, issued by the Government of India was published under Extraordinary Part II-Section 3-sub-section (i) in the Gazette of India sanctioning the Amalgamation of Syndicate Bank into Canara Bank in terms of Section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. The scheme comes into force on the 1st day of April 2020.
Consequently, all branches of Syndicate Bank will function as branches of Canara Bank from April 1, 2020. Customers, including depositors of Syndicate Bank, will be treated as customers of the Canara Bank will effect from April 1, 2020.
Branches of Andhra Bank and Corporation Bank to operate as branches of Union Bank of India from April 1, 2020.
The amalgamation of Andhra Bank and Corporation Bank into Union Bank of India Scheme, 2020 dated March 4, 2020, issued by the Government of India was published under Extraordinary Part II-Section 3-sub-section (i) in the Gazette of India sanctioning the Amalgamation of Andhra Bank and Corporation Bank into Union Bank of India in terms of Section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. The scheme comes into force on the 1st day of April 2020.
Consequently, all branches of Andhra Bank and Corporation Bank will function as branches of Union Bank of India from April 1, 2020. Customers, including depositors of Andhra Bank and Corporation Bank, will be treated as customers of the Union Bank of India will effect from April 1, 2020.
Branches of Oriental Bank of Commerce and United Bank of India to operate as branches of Punjab National Bank from April 1, 2020.
The amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank Scheme, 2020 dated March 4, 2020, issued by the Government of India was published under Extraordinary Part II-Section 3-sub-section (i) in the Gazette of India sanctioning the Amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank in terms of Section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. The scheme comes into force on the 1st day of April 2020.
Consequently, all branches of Oriental Bank of Commerce and the United Bank of India will function as branches of Punjab National Bank from April 1, 2020. Customers, including depositors of Oriental Bank of Commerce and United Bank of India, will be treated as customers of the Punjab National Bank will effect from April 1, 2020.
Consultant
