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The government of India had announced in August 2019 that it plans to merge 10 public sector banks into four. The idea was to bring down the number of state-owned banks from 21 to 12. According to the Finance Minister Sitharaman, this consolidation is going to help in better management of capital.
The merger of the public sector banks, that would come into effect from April 1, 2020 was approved by Union Cabinet in March 2020.
From April 1, six public sector banks will cease to exist. The ten government run banks will merge to form 4 banks.
Post merger all the branches of the merging
banks will operate as branches of the parent bank in which they are merging.
If your holding an account in Oriental Bank of
Commerce, then automatically after the merger of OBC you will be treated as a
customer of PNB.
Similarly, account holders of Corporation Bank and Indian Bank now become customers of Allahabad Bank.
Which are the 4 Bank after the merger
Punjab National Bank will take over Oriental Bank
of Commerce and United Bank.
Canara Bank will take over Syndicate Bank.
Union Bank of India will take over Andhra Bank
Allahabad Bank will take over Corporation Bank
and Indian Bank
This is one of the biggest consolidations of
public sector banks by the government after 2017, when SBI took over five
of its associates and Bharatiya
Mahila Bank.
In 2019 in yet another consolidation Bank of
Baroda took over Vijaya Bank and Dena Bank.
Why these Bank Mergers
All these consolidation measures are part of the government’s highly aggressive plan of making India a $ 5 Trillion Economy by 2025. The government is committed to strengthening the financial system of the country.
The government has also assured the bank
employees that due to the mergers there will be no job loss.
They are scamsters - Nothings comes for free, Why would anyone give you money or discount - Be ware of cyber criminals
State Bank of India (SBI) has alerted its customers to be
careful from online banking scams. SBI has shared an information titled, 'A
letter for your safety' with its customers and asked them to follow six
necessary protocols to safeguard their account.
"The key to safe banking is vigilance. SBI has laid out six important protocols that our customers must follow in order to safeguard their personal information from fraudsters. Be Safe. Bank Safe," SBI tweeted from its official twitter handle.
SBI customers must follow these six crucial Protocols
1. SBI advised its customers to avoid clicking on any
link that asks for OTP or bank details in regards to EMIs or DBT or Prime
Minister Care fund or any other Care fund. Earlier this month, SBI has warned
users about PM Cares Fund scam and EMI scam.
2. SBI has been receiving complaints about recruitment
scams where fraudsters lure youth and unemployed with job offers in SBI. The
Bank has warned the people to be careful of bogus schemes that claim to offer
cash prizes or job opportunities through SMSes, e-mails, phone calls, or
advertisements.
3. The customers must change all bank-related passwords
from time-to-time.
4. The Bank has again cautioned the consumers against the
scamsters. It reiterated that SBI or its representatives never send e-mail/SMS
or call their customers for personal information, password or OTP.
5. The consumers must always use only SBI's official
website for contact numbers and other details. They should not rely on any bank
information available on internet search results.
It means when you type SBI customer care number on
Google, you will see a lot of websites and links showing SBI contact details.
Never rely on that information and instead you should go to the official
website of SBI from where you can get the authentic and correct contact details
6. Report immediately to local police authorities about fraudsters and inform the same to your nearest SBI Branch.
"Don't fall prey to the recruitment messages and never click any link that you receive in your e-mail or phone."- This advisory has come from the Bank in the wake of recent scams related to EMI deferment, SBI recruitment and PM-CARES fund
The Cybersecurity watchdog CERT-In received several
reports about fake UPI IDs, which were similar to the UPI ID used by the PM-CARES
Fund
CERT-In said that pmcares@pnb, pmcares@hdfcbank,
pmcare@yesbank, pmcare@ybl, pmcare@upi, pmcare@sbi and pmcare@icici are fake
ids.
SBI has been warning its customers about the cybercrimes and the methods these fraudsters follow to cheat the customers. The best way to safeguard your account is to follow the above guidelines.
Furthermore, Keep in mind that you should never share your OTP with anyone, even if someone claims to be from the Bank. SBI never calls its customers for any personal information about their accounts.
A little caution can save you from bank-related frauds. Therefore do not divulge your account-related information to anyone over the phone/e-mail/SMS
