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There will be no layoffs of employees due to the merger Oriental Bank of Commerce, United Bank of India with Punjab National Bank, MD & CEO of Punjab National Bank SS Mallikarjuna Rao has said.

"There will be no retrenchment of employees due to the merger Oriental Bank of Commerce, United Bank of India with Punjab National Bank: SS Mallikarjuna Rao, MD & CEO, Punjab National Bank," ANI said in a tweet.

The amalgamation of Punjab National Bank, United Bank of India and Oriental Bank of Commerce came into effect from April 1, 2020.

The merger will create the second largest nationalized bank of the country – both in terms of business and branch network. The synergy from the amalgamation will create a globally competitive, next generation bank, PNB 2.0, the bank had said in a release and added that all customers, including depositors, will be treated as PNB customers.

In August 20, finance minister Nirmala Sitharaman had announced the consolidation of 10 state-run lenders into four bigger banks. PNB, Oriental Bank of Commerce (OBC) and United Bank of India (UBI) will be merged to form the second-largest state-run bank in the country, with a business of 17.95 trillion (loans plus deposits) and will be at least 1.5 times that of PNB.

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