Finance Minister Nirmala Sitharaman, addressing the media on August 30, 2019, made key announcements on bank merger. Just a week after announcing measures to boost the slowing economy, Nirmala Sitharaman announced the merger 10 public sector banks (PSBs) into four entities.

According to the finance minister, Punjab National Bank, Oriental Bank of Commerce, and United Bank will merge into one entity. With the merger, the entity will be the second-largest bank in India which will create Rs 17.95 lakh crore business. The merged entity will have 11,437 branches across the country. The Finance Minister also announced three other PSU bank mergers, including the merger of Canara Bank and Syndicate Bank, the merger of Union Bank of India with Andhra Bank and Corporation Bank, and finally the merger of Indian bank with Allahabad Bank.