First things first- don’t panic.
The finance minister Nirmala Sitharaman recently announced the merger of public sector banks. From 10, these banks have been reduced to 4. The bank merger was primarily done to strengthen the dwindling Indian economy. Yet, many of us are confused as to how the merger of banks affects our day to day banking operations[sc_fs_multi_faq headline-0=”p” question-0=”Which banks have been merged?” answer-0=”Punjab National Bank, Oriental Bank of Commerce, United Bank will become a single entity amongst others.” image-0=”” headline-1=”p” question-1=”How does the bank merger affect consumers?” answer-1=”Account number & customer IDs, IFSC codes, bank fees & branches, may be changed.” image-1=”” headline-2=”p” question-2=”How to prepare for the bank merger?” answer-2=”Make sure that your email ID & mobile number is up to date with your bank so you don’t miss an important update. ” image-2=”” count=”3″ html=”false” css_class=””].
Mergers can mostly prove to be positive for consumers. It can affect you if you are a customer of one or more banks that have merged.
In any case, there will be no immediate or troubling impact for at least 18 months as it takes time to integrate the IT systems with the latest changes.
Often, it takes at least 2-3 months to initiate changes and move accounts to the new IT system. Meanwhile, make sure that your email ID & mobile number is up to date with your bank so you don’t miss out on an important update. You should continue to pay your EMIs as usual. The loan interest rates won’t change since you signed an agreement.
Experts suggest that bank customers will be able to get better services and products once the bank merger is put in motion. Meanwhile, if you encounter any issue with your bank, you can start your complaint here: