The recent Mergers and Acquisitions of Banks throws us to the back to the History of India when various small banks were merged together or with some large bank.
In 1921, Imperial Bank of India was formed by the amalgamation of the three presidency banks viz. The Bank of Calcutta, The Bank of Bombay, and The Bank of Madras. Then on 1 July 1955, the Imperial Bank of India became the State Bank of India. Since then there have been various mergers in the Indian Banking Industry.
First in 1998, the Narasimham-II Committee recommended for merger of large Indian banks to make them strong along with other recommendations. Then in line with the Committee’s recommendations, there were a string of mergers in banks of India during the late 90s and early 2000s.
The idea of consolidation among public sector banks was pushed by P Chidambaram, when he was finance minister under the United Progressive Alliance (UPA) government.
Here is a list of some mergers in the Indian Banking Industry:
The Bank which acquired
The Bank which got Merged
Year of Merger
|State Bank of India||* 5 SB Associate Banks and Bharatiya Mahila Bank||2017|
|Kotak Mahindra Bank||ING Vysya Bank||2016|
|ICICI Bank||Bank of Rajasthan||2010|
|State Bank of India||State Bank of Indore||2009|
|State Bank of India||State Bank of Saurashtra||2008|
|HDFC Bank||Centurion Bank of Punjab||2008|
|Centurion Bank of Punjab||Lord Krishna Bank||2007|
|Indian Overseas Bank||Bharat Overseas Bank||2007|
|IDBI Bank||United Western Bank Ltd.||2006|
|Federal Bank||Ganesh Bank of Kurundwad||2006|
|* Centurion Bank||Bank of Punjab (BoP)||2005|
|IDBI Bank Ltd.||IDBI Ltd.||2005|
|Oriental Bank of Commerce||Global Trust Bank (GTB)||2004|
|Punjab National||Nedungadi Bank||2003|
|Bank of Baroda||Benares State Bank||2002|
|ICICI Bank Ltd.||ICICI Ltd.||2002|
|ICICI Bank||Bank of Madura||2001|
|HDFC Bank||Times Bank||2000|
|Union Bank of India||Sikkim Bank||1999|
|State Bank of India||Kashinath State Bank||1995|
|Bank of India||Bank of Karad||1994|
|Punjab National Bank||New Bank of India||1993|
|State bank of India||Bank of Cochin||1985|
|Canara Bank||Lakshmi Commercial Bank||1985|
* State bank Associate Banks – State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore
* Centurion Bank and Bank of Punjab merged to form Centurion Bank of Punjab.
- Amalgamation of two banking companies is under the provisions of Section 44A of the Banking Regulation Act, 1949.
- Amalgamation of a banking company with a non-banking company is governed by sections 391 to 394 of the Companies Act, 1956.