Indian Government Merging 26 Banks into 6 Big Lenders.

According to the 2016 survey, Indian population is 1.326 billion. After 2014, central government announced many new schemes for the low and middle class people to make their financial background strong. One among them is saving account with nil balance. This is one of the best scheme which helps low class people to save money in their banking account.

Government Merging 26 Banks
In India, there are 165 banks and approximately 120,500 branches are providing financial support for their customers. Among these 165, 26 banks are public sector banks (more than 50 % for total shares of the banks are hold by Government of India). Get more information about public sector banks here.

Today (21st june 2016) Indian Government announced that all the 26 banks are going to merging into 6 big lenders. The 6 big merging lenders are Punjab National Bank (PNB), State Bank of India (SBI), Canara Bank, Union Bank, Bank of India and Bank of Baroda.

6 Big Lenders and Their Merging Banks (Official Information)

Indian Overseas Bank (IOB), Syndicate Bank and UCO Banks are merged with Canara Bank. Get UCO bank IFSC code to transfer money between banks.

Dena Bank and Central Bank are merged with Union Bank

All the State Bank associates will be merged with State Bank of India.

Bank of Maharashtra (BOM), Vijaya Bank, and Andhra Bank will be merged with Bank of India. All these banks has unique IFSC code.

(However, there is no official information from Bank of India about merges).

Government also said that they will provide more funds to PSBs if they needed.