With all this, the total of 27 public sector banks in India will be reduced to only 12 PSBs.
The OBC-UB-PNB compound will become the second-largest PSB after the State Bank of India, with a business of Rs 17.95 lakh crore and 11,437 branches.
In the biggest consolidation exercise in the banking sector, the government on Friday announced the merger of 10 banks to create four global-sized banks. Union Bank, Andhra Bank and Corporation Bank will be consolidated, and Indian Bank and Allahabad Bank will coalesce.
The UFBU and AIBEA bank unions which include most of the banking staff in India will held demonstrations across India to protest against the bank mergers.
All the anchor banks in the consolidation process will get capital support.
Fitch director for financial institutions in India Saswata Guha said it is a step in the right direction and a way to prepare them for the future, but this is not a remedy to the current problem that banks are dealing with such as low capital and high non-performing loans.
Kumar said the merger will benefits employees working in small banks. "Mega mergers in public sector banks, reducing their number from 27 to 12 along with major governance reforms are a pointer towards the government fixing the banking sector issues with a resolve and goal of taking India's economy to $5 trillion by 2024", said ASSOCHAM President B.K. Goenka.
Six banks have been left untouched.
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He added that no one lost their job when the government helped facilitate the merger of Dena Bank and Vijaya Bank with Bank of Baroda a year ago, creating the third-largest bank by loans in the country.
VK Vijayakumar, the chief investment strategist at Geojit Financial Services, said the continuation of the slowdown in GDP growth was expected but the 5 percent growth in Q1 is worse than expected led by the decline in industrial production, the slump in auto space.
According to reports, last year, the government commented that it was "a good learning experience" as profitability and business of the merged entity has improved, after joining Dena Bank and Vijaya Bank with Bank of Baroda.
The Union Minister for Finance and Corporate Affairs, Smt.
"Accordingly, a meeting of the board of directors to consider the amalgamation will be convened by the bank shortly", PNB said. The announcement came just as India released data showing its economic growth in the April-to-June quarter fell to 5 per cent, the lowest level in more than six years.
"Further, the decision to empower bank boards and operational flexibility in hiring from the market will prioritise robust risk management practices in decision making".
However, despite these moves, the country's largest lender, the State Bank of India, may emerge as a big victor.