PNB-UBI-OBC merger : Big relief for employees, no layoffs

New Delhi: Merger of Punjab National Bank (PNB), United Bank of India (UBI) and Oriental Bank of Commerce (OBC) has taken effect from 1st April 2020. After the merger with Punjab National Bank, UBI and OBC employees were worried about layoffs. In such a situation, PNB Managing Director (MD) and Chief Executive Officer (CEO) Mallikarjun Rao have assured the job of an employee of any of the three banks will not be lost.

Rao said, ‘even after the merger of the two banks in PNB, we have no plans to lay off. With the merger of the three banks, Punjab National Bank has become the second largest bank in the country. Now the business of PNB and the number of bank branches has also reached the second number in the country after SBI. After the merger, PNB has become the first more competitive and the next generation bank. The bank is now PNB 2.0 in its new form’.

After the merger, PNB had made it clear that now the consumers of the three banks would be treated like the customers of Punjab National Bank. Finance Minister Nirmala Sitharaman had announced on August 20, 2020 to merge 10 public sector banks of the country and transform them into 4. After the merger, the total turnover of PNB, including loans and deposits, has reached Rs. 17.95 trillion.