Current Affairs - Banking - Discussion

Reserve bank of India (RBI) excluded six public sector banks (PSBs) from the Second Schedule of the RBI Act,1934 following their merger with other Banks with effect from April 01,2020. The six banks are Syndicate Bank, Oriental Bank of Commerce (OBC), United Bank of India, Andhra bank, Corporation bank and Allahabad bank. OBC and United Bank of India merged into Punjab National Bank, Syndicate Bank into Canara bank, Andhra bank and corporation bank into union bank of India, and Allahabad bank into Indian bank.