Watch: Nirmala Sitharaman announces the big bang bank mergers

In major reforms in the banking sector, Finance Minister Nirmala Sitharaman today merged 10 public sector banks (PSBs) into four entities. In the first set of merger, Punjab National Bank, Oriental Bank of Commerce and United Bank of India were merged into one bank. This merger will form the second-largest PSU bank with a business of 17.95 lakh crore.