Merger of PNB, OBC and UBI will not lay off any employee: PNB CEO

New Delhi, 24 August 2020 Monday

The merger of Punjab National Bank (PNB), United Bank of India (UBI) and Oriental Bank of Commerce (OBC) has come into effect from 1 April 2020. UBI and OBC employees were worried about layoffs after the merger with Punjab National Bank. In such a scenario, PNB Managing Director (MD) and Chief Executive Officer CEO Mallikarjun Rao has assured that none of the three bank employees will lose their jobs due to the merger.

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

After the merger, PNB clarified that the customers of all the three banks would now be treated as customers of Punjab National Bank. On August 20, 2020, Finance Minister Nirmala Sitaram announced the merger of the country's 10 public sector banks into the top four. He said that after the merger of PNB, OBC and UBI, Punjab National Bank would become the second largest bank in the country. After the merger, PNB's total turnover, including loans and deposits, stood at Rs. 17.95 crore, which is double that of PNB before the merger.