The Amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank Scheme, 2020 dated March 4, 2020, issued by the Government of India was published under Extraordinary Part II-Section 3-Sub-section (i) in the Gazette of India sanctioning the Amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank in terms of section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) and section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980). The scheme comes into force on the 1st day of April 2020.
Consequently, all branches of Oriental Bank of Commerce and United Bank of India will function as branches of Punjab National Bank from April 1, 2020. Customers, including depositors of Oriental Bank of Commerce and United Bank of India, will be treated as customers of Punjab National Bank with effect from April 1, 2020.
(Also read: Branches of Syndicate Bank to operate as branches of Canara Bank from April 1, 2020)
(Also read: Branches of Andhra Bank and Corporation Bank to operate as branches of Union Bank of India from April 1, 2020)
(Also read: Branches of Allahabad Bank to operate as branches of Indian Bank from April 1, 2020)
(Also read: Repayment of Credit Card dues can be deferred by 3 months)
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