Current Affairs - Banking - Discussion

Union Finance Minister Nirmala Sitharaman has announced a big consolidation of public sector banks. Under the scheme of amalgamation, 10 public sector banks are to be merged into four banks. After the amalgamation, the total number of Public Sector Banks in the country will come down to 12 from 27 banks in 2017. Indian Bank will be merged with Allahabad Bank to become the 7th largest public sector bank with business of Rs 8.08 lakh crore.