Finance Minister Nirmala Sitharaman on Friday announced the merger of Punjab National Bank, Oriental Bank of Commerce and United Bank. Speaking on consolidation of the three public sector banks, Ms Sitharaman said the target bank will be the second largest public sector bank with a business of Rs. 17.95 lakh crore, "1.5 times the size of Punjab National Bank". The government "wants a strong financial system" and the banking reforms will clear the path to make India a $5-trillion economy, the Finance Minister said.

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