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Govt weighs merging Union Bank-BoI to create new No. 2 bank
Mint Chennai
|October 29, 2025
ministry of finance didn't respond to queries emailed on 21 October.
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The discussions are part of a decades-long process of banking reforms in India that were set rolling in 1991. The latest milestone in the chronology of such reforms was the amalgamation of associate banks into SBI in 2017, when it was signalled that the mega-merger would be followed by more such deals.
"Contrary to perceptions that the [earlier] plan had been shelved, the finance ministry is working on a fresh blueprint on bank consolidation. The aim is to strengthen public sector banks through scale and efficiency, not just size. So, parameters such as optimisation of operations and synergies are being stressed in any consolidation exercise," the second person said.
A third person confirmed the discussions and the names of the banks specifically being considered for mergers and those for privatization.
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