PNB Board Approved its Merger with OBC & UBI

The public sector bank- PNB board has decided to give its in-principle approval for amalgamation of Oriental Bank of Commerce (OBC) and United Bank of India (UBI).
Due to this, Punjab National Bank will become the country's 2nd largest bank in India with Rs 18,00,000 crore business.
In another announcement, The board of PNB cleared a capital infusion of up to Rs 18,000 crore by the government for preferential allotment of equity shares of the bank at a price determined in terms of SEBI regulations.

Published On : 06 Sep 2019