Points to Remember:
- The amalgamated entity of United Bank of India, Punjab National Bank and Oriental Bank of Commerce will come into effect from April 1, 2020, UBI’s MD & CEO Ashok Kumar Pradhan said.
- The merged entity will be the second-largest public sector bank in the country after the State Bank of India.
- During the interim period, the three will continue to function independently.
- The government has already announced a capital infusion of 16,000 crore into PNB and 1,600 crore into UBI.
- “The merged entity will be adequately capitalised and comply with basel requirements for the next three years
About United Bank of India:
- Founded: 1950
- Founder: Narendra Chandra Dutta
- Headquarters: Kolkata, India
- MD & CEO: Ashok Kumar Pradhan
About Punjab National Bank:
- Founded: 19 May 1894
- Founder: Dyal Singh Majithia, Lala Lajpat Rai
- Headquarters: New Delhi, India
- Chairman & MD: Sunil Mehta
About Oriental Bank of Commerce:
- Founded: 19 February 1943
- Founder: Rai Bahadur Sohan Lal
- Headquarters: Gurugram, India
- MD & CEO: Mukesh Kumar Jain
Important Possible questions based on above News:
- Which three banks will be merged into a sole entity to form the second-largest public sector bank of India? United Bank, PNB & OBC
- Who is the current MD & CEO of United Bank of India? Ashok Kumar Pradhan
- Who is the current Chairman & MD of Punjab National Bank? Sunil Mehta
- Who is the current MD & CEO of Oriental Bank of Commerce? Mukesh Kumar Jain