Mega Bank Merger: Union Bank and Bank of India Eyed to Create India's Second Largest PSU Bank

• The Indian government is reportedly planning to merge Union Bank of India and Bank of India.
• If successful, the merged entity would become the second-largest public sector bank in India, after SBI.
• The combined bank would serve approximately 255 million customers and hold assets worth around 25.67 lakh crore rupees.
• This move aims to strengthen banks, enhance efficiency, and increase competition in the banking sector.
• Previous mergers between 2017-2020 reduced the number of public sector banks from 27 to 12.

Why It Matters: Government plans to merge Union Bank of India and Bank of India, creating India's second-largest public sector bank.