Bank Merger List 2026: The Short Answer
India has 12 public sector banks in 2026, down from 27 in 2017, after three rounds of mergers: SBI with its associates (1 April 2017), Vijaya and Dena into Bank of Baroda (1 April 2019) and the mega merger of 10 banks into 4 (1 April 2020). No new public sector bank merger has been approved in 2026: the Finance Ministry told Parliament in March 2026 that there is no such proposal, and PIB Fact Check called a viral "nine bank merger" gazette fake on 16 September 2026. The live 2026 deals are in the private and foreign space: Emirates NBD's Indian branches merge into RBL Bank on 1 December 2026, and the Cabinet approved selling 60.72% of IDBI Bank to Fairfax on 14 October 2026.
Key takeaway: 2020 mega merger: OBC + United Bank into PNB; Syndicate into Canara; Andhra + Corporation into Union Bank; Allahabad into Indian Bank. 2019: Vijaya + Dena into Bank of Baroda (first three-way PSB merger). 2017: five associate banks + Bharatiya Mahila Bank into SBI. 2023: HDFC Ltd into HDFC Bank (1 July 2023). 2024: Fincare SFB into AU SFB (1 April 2024).
Facts for 2025-26 were checked against RBI press releases (including 16 October 2026), the PIB release on IDBI Bank (14 October 2026) and Finance Ministry statements on 17 October 2026. For the current list of banks and their headquarters, see banks headquarters and taglines 2026.
Public Sector Bank Merger List (2017, 2019, 2020)
| Effective date | Merged (transferor) banks | Into (anchor bank) | Result |
|---|---|---|---|
| 1 Apr 2020 | Oriental Bank of Commerce, United Bank of India | Punjab National Bank | |
| 1 Apr 2020 | Syndicate Bank | Canara Bank | |
| 1 Apr 2020 | Andhra Bank, Corporation Bank | Union Bank of India | |
| 1 Apr 2020 | Allahabad Bank | Indian Bank | |
| 1 Apr 2019 | Vijaya Bank, Dena Bank | Bank of Baroda | First three-way PSB amalgamation |
| 1 Apr 2017 | State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore, Bharatiya Mahila Bank | State Bank of India | Largest PSB merger |
| 26 Aug 2010 | State Bank of Indore | State Bank of India | |
| 13 Aug 2008 | State Bank of Saurashtra | State Bank of India | |
| 1993 | New Bank of India | Punjab National Bank | First merger of two nationalised banks |
The 2020 merger was announced by Finance Minister Nirmala Sitharaman on 30 August 2019. It reduced the number of PSBs from 18 to 12, the count that still stands in 2026.
The 12 public sector banks after all mergers
State Bank of India, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Indian Bank, Indian Overseas Bank, Punjab & Sind Bank, Punjab National Bank, UCO Bank and Union Bank of India.
Six PSBs were not part of any merger: Bank of India, Bank of Maharashtra, Central Bank of India, Indian Overseas Bank, Punjab & Sind Bank and UCO Bank.
Memory trick for 2020 ("PCUI"):
- PNB took Oriental + United ("PNB is OU-standing").
- Canara took Syndicate ("CS").
- Union took Andhra + Corporation ("U-AC").
- Indian took Allahabad ("IA").
Private Sector and Other Bank Merger List
| Year (effective) | Merged entity | Into | Note |
|---|---|---|---|
| 1 Dec 2026 (approved 16 Oct 2026) | Indian branches of Emirates NBD Bank (Mumbai, Gurugram, Chennai) | RBL Bank | RBI sanctioned the scheme under Section 44A(4), BR Act |
| 1 Oct 2024 | IDFC Ltd (parent) | IDFC FIRST Bank | Reverse merger of the holding company |
| 1 Apr 2024 | Fincare Small Finance Bank | AU Small Finance Bank | First merger of two SFBs |
| 1 Jul 2023 | HDFC Ltd (housing finance company) | HDFC Bank | Largest merger in Indian corporate history |
| 27 Nov 2020 | Lakshmi Vilas Bank | DBS Bank India | RBI-led rescue scheme |
| 2018 | Capital First (NBFC) | IDFC Bank | Renamed IDFC FIRST Bank |
| 2015 | ING Vysya Bank | Kotak Mahindra Bank | |
| 2010 | Bank of Rajasthan | ICICI Bank | |
| 2008 | Centurion Bank of Punjab | HDFC Bank | |
| 2004 | Global Trust Bank | Oriental Bank of Commerce | RBI-led rescue |
Latest Bank Merger and Acquisition News 2026
| Date (2026) | Development | Status |
|---|---|---|
| 24 Feb | Finance Minister: no roadmap for PSB mergers now; focus on the High Level Committee on Banking for Viksit Bharat proposed in Budget 2026-27 | Policy statement |
| 23 Mar | MoS Finance Pankaj Chaudhary (Lok Sabha): no proposal under consideration to merge PSBs | Policy statement |
| 18 Jun | Emirates NBD completed acquisition of a majority stake in RBL Bank (primary infusion of about 2.75 billion US dollars, roughly ₹26,000 crore) | Completed |
| 29 Jun and 16 Sep | PIB Fact Check: claims of SBI-PNB-Canara merger and a "nine bank merger" gazette are fake | Fake news |
| 14 Oct | CCEA approved Fairfax (through 10955230 Canada Inc.) as strategic buyer of 60.72% of IDBI Bank for ₹52,878 crore (30.48% from the Government, 30.24% from LIC) at ₹81 per share | RBI clearance and share purchase agreement pending; completion expected by March 2027 |
| 16 Oct | RBI sanctioned amalgamation of Emirates NBD's Indian branches with RBL Bank | Effective 1 December 2026 |
The IDBI Bank deal is a strategic sale (privatisation), not a merger. After it, the Government keeps 15% and LIC 19%, as stated in the PIB release. Fairfax already controls CSB Bank, and the DIPAM Secretary said it must merge CSB or exit one of the two banks within two years.
Regional Rural Bank Amalgamation: One State One RRB
Under the "One State, One RRB" principle (fourth phase of RRB consolidation), the Department of Financial Services amalgamated 26 RRBs in 11 states and UTs with effect from 1 May 2025 (notification of April 2025, under Section 23A of the Regional Rural Banks Act, 1976). This cut the number of RRBs from 43 to 28, which is still the count on RBI's scheduled bank list in October 2026. Earlier phases had reduced RRBs from 196 to 82, then 56, then 43. Examples on RBI's list include Uttar Pradesh Gramin Bank, Rajasthan Gramin Bank, Bihar Gramin Bank and Himachal Pradesh Gramin Bank.
Bank Mergers: Laws and Terms for Exams
| Term | Meaning |
|---|---|
| Amalgamation | Two or more banks combine; the transferor's assets and liabilities pass to the transferee |
| Transferor bank | The bank that ceases to exist (e.g., Syndicate Bank) |
| Transferee / anchor bank | The bank that absorbs (e.g., Canara Bank) |
| Section 44A, BR Act, 1949 | RBI sanction for voluntary amalgamation of banking companies |
| Section 45, BR Act, 1949 | RBI-led compulsory amalgamation of a weak bank (used for Lakshmi Vilas Bank) |
| Banking Companies (Acquisition and Transfer of Undertakings) Acts | Used by the Government for PSB amalgamation schemes |
Common Mistakes in Bank Merger Questions
- Writing Andhra Bank merged with Canara. It merged with Union Bank; Canara took Syndicate.
- Writing United Bank into Bank of Baroda. United Bank (with OBC) went into PNB.
- Saying a new PSB merger happened in 2026. None has; the viral gazette was fake.
- Calling the IDBI-Fairfax deal a merger. It is a stake sale; IDBI Bank continues under the same name.
- Saying Bharatiya Mahila Bank merged into Canara. It merged into SBI in 2017.
Bank Merger Questions with Answers (Practice Set)
- Syndicate Bank was merged with which bank? Answer: Canara Bank (1 April 2020).
- Which two banks were merged into Bank of Baroda in 2019? Answer: Vijaya Bank and Dena Bank.
- Andhra Bank and Corporation Bank were merged into? Answer: Union Bank of India.
- Allahabad Bank was merged into? Answer: Indian Bank.
- How many public sector banks are there in India in 2026? Answer: 12.
- When did the merger of HDFC Ltd with HDFC Bank take effect? Answer: 1 July 2023.
- Lakshmi Vilas Bank was merged with which bank? Answer: DBS Bank India (2020).
- Indian branches of which foreign bank will merge into RBL Bank from 1 December 2026? Answer: Emirates NBD Bank.
- What stake in IDBI Bank did the Cabinet approve selling to Fairfax in October 2026? Answer: 60.72%.
- Which bank was the only women-focused bank merged into SBI? Answer: Bharatiya Mahila Bank (2017).
Practise these in the IBPS & SBI PO Banking Awareness Mock Test 01 and the Banking PO and Clerk Current Affairs Mock Test (September 2026).
Bank Merger FAQs
Is there any bank merger in 2026?
No public sector bank merger has been approved in 2026. RBI has sanctioned the merger of Emirates NBD's Indian branches into RBL Bank from 1 December 2026, and the Cabinet has approved the sale of a 60.72% stake in IDBI Bank to Fairfax.
How many banks were merged in 2020?
Ten public sector banks were consolidated into four on 1 April 2020, reducing the number of PSBs to 12.
Which was the biggest bank merger in India?
The merger of HDFC Ltd with HDFC Bank on 1 July 2023 is the largest by size. Among public sector banks, SBI's 2017 merger with five associates and Bharatiya Mahila Bank was the largest.
Which bank merged with Punjab National Bank in 2020?
Oriental Bank of Commerce and United Bank of India.
Why does the Government merge public sector banks?
To create fewer, stronger banks with larger capital, wider reach and economies of scale, as the Finance Ministry explained when it reviewed the 2020 mergers.
Is the PSB merger gazette of September 2026 real?
No. PIB Fact Check said on 16 September 2026 that the document was fake and not issued by the Ministry of Finance.
Practice Next
- Mock tests: IBPS & SBI Clerk Banking Awareness Mock Test 01 and IBPS & SBI PO Banking Awareness Mock Test 02.
- Related notes: small finance banks list 2026, payments banks list 2026, banks headquarters and taglines 2026 and RBI governor list 1935 to 2026, plus five year plans of India list.
- Exam details: SBI Clerk 2026 notification and Union Bank of India SO recruitment 2026.
- Browse all study notes.