The social media claim that Punjab National Bank (PNB), Canara Bank, and the State Bank of India (SBI) are merging is wholly untrue, as per PIB's fact check.
"An image circulating on social media platforms falsely claims that the Government has approved the merger of Punjab National Bank (PNB), Canara Bank, and State Bank of India (SBI)," read a post on the X handle of Press Information Bureau's Fact Check handle.
Earlier, an image was circulating on social media platforms falsely claimed that the government had approved the merger of these three nationalised banks. The claim has been debunked by the Press Information Bureau (PIB), which is the nodal agency of the Government of India under the Ministry of Information and Broadcasting. Its primary function is to disseminate government information to the print, electronic, and online media.
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Meanwhile, as per the post, the Government of India has not approved or announced any such mega-merger involving these three major public sector banks. The circulated image is fabricated and does not represent any authentic newspaper publication or official Government communication, the post by PIB's Fact Check further reads.
No such intentions for consolidation have been made public or confirmed by the government, the Reserve Bank of India (RBI), or the Department of Financial Services (DFS).
An agreement to unite assets and liabilities under one entity between the acquiring bank and the merging bank or banks is known as a bank merger.
The fourth-largest public sector bank in India was formed on April 1, 2020, when Canara Bank merged with Syndicate Bank. The merger of Indian Bank and Allahabad Bank in the same year produced the seventh-largest PSU bank in India. In the same year, Union Bank of India, Andhra Bank, and Corporation Bank merged to form the country's fifth-largest PSU bank, according to reports.
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