At an occasion was composed in Haryana, to talk about the administration changes in PSBs working, with the name of Gyan Sangam. In the question and answer session sorted out after the occasion, Finance Minister Arun Jaitley discussed the union of Public Sector Banks, which is planned to have solid banks as opposed to having numerically huge number of banks.

Saving money Industry has seen various changes in the course of the most recent 5 decades. The real changes been the Nationalization of the banks in 1969 and 1980, trailed by the advancement of the economy in 1991, opening up of Banking area for Private part in 1993 and the most recent one being the rise of Payment Banks and Small Finance banks in 2015.

Regardless of the progressions saw throughout the years, there still exist various difficulties which should be tended to, one such Challenge being the NPA. In the Quarter finishing December 2015, almost 11 Public Sector banks revealed misfortune, which even incorporates huge names like, Bank of Baroda, IDBI Bank, Bank of India and Indian Overseas Bank. The net non-performing resources (NPA), in the saving money area, have crossed Rs 4.3 lakh crore amid the quarter-finished December 31, 2015.

To defeat the difficulties and dangers postured at exhibit and in fore future, and give another course to Banking Reforms, government is thinking about consolidating the current Public Sector Banks. Thus, the administration's progression to amalgamate 27 banks into six extensive establishments is proposed to sufficiently reinforce the state-claimed banks' capital base. Likewise, already Banking Sector has seen Banks, for example, Global Trust Bank and New Bank of India converged with Oriental Bank of Commerce and Punjab National Bank.

The names of Public sector Banks with the Anchor Bank (with which other Banks will get merged).

1. State Bank of India (Anchor Bank)
• State Bank of Hyderabad
• State Bank of Patiala
• State Bank of Travancore
• State Bank of Bikaner & Jaipur
• State Bank of Mysore
2. Punjab National Bank (Anchor Bank)
• Oriental Bank of Commerce
• Allahabad Bank
• Corporation Bank
• Indian Bank
3. Canara Bank (Anchor Bank)
• Syndicate Bank
• Indian Overseas Bank
• UCO Bank
4. Union Bank of India (Anchor Bank)
• IDBI Bank Ltd
• Central Bank of India
• Dena Bank
5. Bank of India (Anchor Bank)
• Andhra Bank
• Bank of Maharashtra
• Vijaya Bank
6. Bank of Baroda (Anchor Bank)
• United Bank of India
• Punjab & Sind Bank
• Bhartiya Mahilla Bank