BIZ-UBI

'Stakeholders to benefit from merger of PNB, UBI and OBC'
    Guwahati, Sep 20 (PTI) The proposed amalgamation of
Punjab National Bank, United Bank of India and Oriental Bank
of Commerce will provide benefits to their stakeholders and
help the country to become a USD 5-trillion economy, an
official said here on Friday.
    Allaying apprehensions of stakeholders, United Bank of
India MD and CEO Ashok Kumar Pradhan said there will be "no
retrenchment" of human resource of the three banks or no
voluntary retirement scheme (VRS) will come in the process of
merger of these state-run lenders.
    "PNB, OBC and UBI are being merged to make them a
bigger force and the collective efficiency of the staffs of
the three banks will help customers", Pradhan said addressing
a press conference here after an interactive meet with the
city-based employees and customers of the three banks.
    The merger will help the country's economy and improve
the capital base of the lenders to take on big development
projects and offer best operational facilities, Pradhan said,
adding that there is enough liquidity in the banks.
    With a combined capital base of Rs 17.96 lakh crore as
on March 31, 2019, the UBI chief said this amount would become
over Rs 20 lakh crore after amalgamation.
    "We will have a huge presence with over one lakh
workforce," he said.
    He further said that the merger will help the Centre's
target to achieve a USD 5-trillion economy within the next
five years.
    On the technology integration, he said all the three
banks were using the same computer programme and both UBI and
OBC are upgrading it to the latest version used by the PNB.
    Responding to queries whether the present account
numbers of the three bank customers will be changed after the
amalgamation, Pradhan said, "With the technological
integration the account number will be changed and it will be
done smoothly without any discomfort to the customers."
    He also said some branches of these banks will be
combined into one if they exist in the same locality while
some of them will be relocated to the uncovered areas. PTI ESB
BDC BDC

(This story has not been edited by THE WEEK and is auto-generated from PTI)