Summary:
· United Bank of India and Oriental Bank of Commerce merged with Punjab National Bank to create second largest Public Sector bank in terms of business· The synergy from the amalgamation creates a globally competitive, next-gen bank, PNB 2.0· Customer can now access specified inter-operable banking servicesNew Delhi: As notified by the Reserve Bank of India, the amalgamation of Punjab National Bank, United Bank of India and Oriental Bank of Commerce has come into effect today, 1st April 2020, to create the second largest nationalized bank of the country – both in terms of business and branch network. The synergy from the amalgamation will create a globally competitive, next generation bank, PNB 2.0. All nation-wide branches of United Bank of India and Oriental Bank of Commerce will now function as Punjab National bank (PNB) branches while all customers, including depositors, will be treated as PNB customers. In terms of customer experience, PNB 2.0 will endeavour to be a true next-generation bank with state-of-art products and services, created and delivered by the most modern technology. S.
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Mallikarjuna Rao, MD& CEO of Punjab National Bank said “We are honoured to be a part of this historic moment..