On August 30th, 2019, the Indian government announced the merger of ten public sector banks. The following mergers will take place, according to the notification:


United Bank of India and Oriental Bank of Commerce merged to form Punjab National Bank:

Punjab National Bank has 121 equity shares of Rs. 2/- for every 1000 stock shares of Rs. 10/- held by United Bank of India, and 1150 equity shares of Rs. 2/- for every 1000 equity shares of Rs. 10/- held by Oriental Bank of Commerce.

The deadline for submissions is March 25th, 2020.
Allahabad Bank was merged into Indian Bank.

Indian Bank has 115 equity shares of Rs. 10 each for every 1000 equity shares of Rs. 10 each held by Allahabad Bank.

The deadline for submissions is March 23rd, 2020.

Syndicate Bank was merged with Canara Bank.

For every 1000 shares of Syndicate Bank, there are 158 shares of Canara Bank worth Rs. 10/-.

The deadline for submissions is March 23rd, 2020.
Union Bank was formed through the merger of Andhra Bank and Corporation Bank.

325 Union Bank shares of Rs. 10/- each for every 1000 Andhra Bank shares of Rs. 10/- each, and 330 Union Bank shares of Rs. 10/- each for every 1000 Corporation Bank shares of Rs. 2/- each

The deadline for submissions is March 23rd, 2020.

What impact do the mergers have on you?

In the above-mentioned ratios, the shares of the transferor banks (banks merging) held in your Demat account as of record date will be eligible to be converted into shares of the respective transferee banks. On the ex-date, the banks that are merging will be unable to trade (one trading day before the record date). The RTA may take 15-20 days to credit the transferee bank's shares to your Demat account.

The transferee bank will settle any holdings that result in fractional allotment of shares in cash. Your company's RTA will send you a check or an ACH bank deposit for this amount ( Registrar and Transfer Agent).