Hoax circulating in social media after news of merger of 15 banks, leaving customers in panic

Hoax circulating in social media after news of merger of 15 banks, leaving customers in panic.

New Delhi, Dec 21: A news had been taking its rounds in the social media that 15 Public Sector Banks would be closed and merged into other five major Public Sector Banks.

The news is spreading that “if anyone has an account in these banks shall save their money and forward the message to all.”

The message hints that the customers may lose their money deposited to these banks, which is a hoax.

Though it is right that a proposal has been made for this merger, it is evaluated that there is no chance of any loss of money deposited in these banks. Usually, after a merger, all the deposits would be moved to the merged bank.

The banks that are expected to be merged are:

Allahabad Bank, Corporation Bank, Indian Bank and Oriental Bank of Commerce would be merged into Punjab National Bank.

Indian Overseas Bank, Syndicate Bank and UCO Bank would be merged into Canara Bank.

Mahila Bank, Punjab & Sind Bank and United Bank of India would be merged into Bank of Baroda

Andhra Bank, Bank of Maharashtra and Vijaya Bank would be merged into Union Bank of India.

Dena Bank, IDBI and Bank of India would be merged into Central Bank of India.

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