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IRDAI

Insurance Regulatory and Development Authority (IRDA) was set up as autonomous body under the IRDAAct, 1999. IRDA’sMission is to protect the interests of policyholders and to regulate and develop the insurance industry. It has its headquarters atHyderabad, Telangana where it shifted from Delhi in 2001.Insurance Regulatory and Development Authority (IRDA) has been renamed as ‘Insurance Regulatory and Development Authority ofIndia’ after the promulgation of Insurance Laws (Amendment) Ordinance, 2014, by the President of India on December 26, 2014.The Authority is a ten member team consisting ofa Chairman;five whole-time members;four part time membersAll are appointed by the Government of India.Functions and Duties of IRDAISection 14 of the IRDAAct, 1999 lays down the following duties, powers and functions of IRDA.Registering and regulating insurance companiesProtecting policyholders’ interestsLicensing and establishing norms for insurance intermediariesPromoting professional organisations in insuranceRegulating and overseeing premium rates and terms of non-life insurance coversSpecifying financial reporting norms of insurance companiesRegulating investment of policyholders’ funds by insurance companiesEnsuring the maintenance of solvency margin by insurance companiesEnsuring insurance coverage in rural areas and of vulnerable sections of societyObjectives of IRDAITo provide policyholders with a secure and fair policies;To bring about speedy and orderlygrowth of the insurance industry, for the benefit of the common man, and to provide long termfunds for accelerating growth of the economy;To ensure speedy settlement of genuine claims,to prevent insurance frauds and provide an effective grievance redressalmechanism;To provide a reliable management information system to enforce high standards of financial soundness amongst market players.Insurance OmbudsmanThe institution of Insurance Ombudsman was created by a Government of India Notification dated 11th November, 1998 with thepurpose of quick disposal of the grievances of the insured customers and to mitigate their problems involved in redressal of thosegrievances.Ombudsman are drawn from Insurance Industry, Civil Services and Judicial Services.An insurance Ombudsman is appointed for a term of three years or till the incumbent attains the age of sixty five years, whichever  is earlier.Re-appointment is not permitted. #Saarumathi

Moratorium Period VS Grace Period

        Taking credit from a bank or any other lending institution is very common now-a-days. The  payment is done back mostly in the form of monthly EMIs which are calculated with interest charges on the principal amount credited. When one takes a loan, he is given some period before starting paying his EMIs.The two terms: Moratorium period and Grace period though look to be the same but are different in the following contexts.Moratorium period:        When we take a loan from bank, we do not have to start paying the EMIs immediately. The bank gives some time before start paying EMIs which are generally paid on a monthly basis. This time before start of paying EMIs is called Moratorium period. So a moratorium period is a time during the loan term when the borrower is not required to make any repayment. Example: when one takes an Education Loan, he/she does not have to pay the EMIs from the start; the payments are started after the completion of studies. The interest is calculated for the moratorium period and then EMIs are paid accordingly.Other loans, be it vehicle or home loan also provide some moratorium period, though a short period like a month or two.         Different lending institutions have their own interest charges.Lending institution can also provide the facility of payment of EMIs in the moratorium period, which will give an advantage to the customer of concessional interest rate.Grace period:         The name suggests its meaning, that giving some time before paying off dues. Unlike moratorium period, during the grace period, interest is not charged. Actually it is a period of time after a payment becomes due.Example: One gets a time period before which insurance premiums are to be paid, this is called grace period. After the grace period gets over, one is subject to pay the penalties or late charges.        Grace period is also given for paying off the overdraft value of credit card. If the money is not paid back within the grace period, interest rate is charged according to the lending institution policy.#PRIYADHARSHINI

MASALA BONDS

When any entity wants to raise money or we can say want to borrow money, it can issue bonds worth that value. So, now when anIndian company wants to borrow money from a foreign company, there are many methods like FDI, ECB, etc. and one of them is issuingbonds. All methods of borrowing have their own advantages and disadvantages. In the same way areMasala bonds which are namedby the International Finance Corporation (IFC), the investment arm of the World Bank. We will read later that how the word masalaattached with these bonds.Now what are these Masala Bonds?Masala bonds are the rupee-denominated bonds which can be issued by the Indian entities to raise money from overseas markets.By rupee-denominated bonds, it means that the money borrowed will be in Indian rupees and not any foreign currency.Let’s take an example: Suppose an Indian entity issues masala bonds worth Rs 10 crores with a promise to pay Rs 11 crores the nextyear. Now the foreign investor will lend the dollar equivalent of Rs 10 crores. Now after a year, the Indian entity will return the dollarequivalent of Rs 11 crores.Now what is the advantage of using these new masala bonds over the initial methods?The advantage is that that of the currency risk. Since the Indian entity will return the dollar equivalent of Rs 11 crores, this means thatif in a year if there is any fluctuation in the currencies whether large or small, the risk lies with the overseas investor and not the Indianentity.How the name came?*IFC issued a Rs 1,000 crore bond to fund infrastructure projects in India. These bonds were listed on the London Stock Exchange(LSE).*IFC then named them Masala bonds to give a local flavour by calling tomind Indian culture and cuisine.*This kind of naming has been done before also. IFC’s Chinese yuan-denominated bonds are called Dim sum bonds, Japaneseyen-denominated bonds are called Samurai.*Before the word masala, some names like Samosa, Ganga, and Peacock were also in line to be attached to these rupeedenominatedbonds.The Reserve Bank of India has issued certain guidelines allowing the Indian entities to issue masala bonds:*Any corporate or body corporate as well as Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs)can issue such off-shore rupee denominated bonds.*Banks incorporated in India will not have access to these bond*Indian banks, however, can act as arranger and underwriter.*The minimum maturity period is 3 years.*Companies can raise under the automatic route (i.e., without prior approval) an amount equivalent to USD 50 billion (till April 2016  it was USD 750 million) per annum.*Cases beyond this limit would require prior approval of the Reserve Bank.Some facts:*Masala bonds are a step to help internationalize the Indian rupee and also deepen the Indian financial system.*They are the first rupee bonds listed on the London Stock Exchange.*They can be issued for three or five or seven-year maturities.*The first Masala bonds were issued on 10 November 2014 under IFC’s $2 billion offshore rupee program.*They are different from External Commercial Borrowings (ECB) in a way that in ECB the currency risk lies with the Indian issuer  while in case of masala bonds, the currency risk lies with the overseas investor.*Like ECB, masala bonds also provide cheaper funding as compared to domestic markets.*Though currency risk lies with the investor, but then also the overseas investor has many advantages like they have very few  investment options in other countries due to weak economic conditions globally.*Coinciding with Prime Minister Narendra Modi’s visit to the UK last year, organisations such as HDFC, Yes Bank, and the  Railways had announced they were going to raise funds through this route from the London market. #FancyJ

MONEY MARKET

"Money Market" refers to the market for short-term requirement and deployment of funds. Money market instruments are those instruments, which have a maturity period of less than one year.The most active part of the money market is the market for overnight call and term money between banks and institutions and repo transactions. Money Market is regulated by RBI. Money Market can be further divided into 3 parts. These are:      a)Call Money Market      b)Term Money Market      c)Notice Money Market The market to get funds for 1 day only is called as Call Money Market. The market to get funds for 2 days to 14 days is called as Notice Money Market.The market to get funds for 15 days to 1 year is called as Term Money Market. Some of the Money Market instruments are:1) Commercial Paper2) Certificate of Deposit3) T-bills4) Cash Management Bills Commercial Papera) A CP is a short term security (7 days to 365 days) issued by a corporate entity (other than a bank), at a discount to the face value.b) Commercial Paper (CP) is an unsecured money market instrument issued in the form of a promissory note.c) CPs normally give a higher return than fixed deposits & CDs.d) CP can be issued in denominations of Rs. 5 lakh or multiples thereof. Amount invested by a single investor should not be less than Rs. 5 lakh (face value).e) Only corporates who get an investment grade rating can issue CPs, as per RBI rules. It is issued at a discount to face value.f) Bank and FI’s are prohibited from issuance and underwriting of CP’s. Certificate of Deposit     a) CDs are negotiable money market instrument issued in demat form or as a Usance Promissory Notes.b) CDs issued by banks should not have the maturity less than seven days and not more than one year.c) Financial Institutions are allowed to issue CDs for a period between 1 year and up to 3 years.d) CDs are like bank term deposits but unlike traditional time deposits these are freely negotiable and are often referred to as Negotiable Certificates of Deposit.e) CDs normally give a higher return than Bank term deposit.f) All scheduled banks (except RRBs and Co-operative banks) are eligible to issue CDs.g) CDs are issued in denominations of Rs. 1 Lac and in the multiples of Rs. 1 Lac thereafter.h) Discount/Coupon rate of CD is determined by the issuing bank/FI.i) Loans cannot be granted against CDs and Banks/FIs cannot buy back their own CDs before maturity Treasury billsa) Treasury Bills are short term (up to one year) borrowing instruments of the Government of India which enable investors to park their short term surplus funds while reducing their market risk.b) They are auctioned by Reserve Bank of India at regular intervals and issued at a discount to face value.c) Any person in India including Individuals, Firms, Companies, Corporate bodies, Trusts and Institutions can purchase Treasury Bills.d) Treasury Bills are eligible securities for SLR purposes.e) Treasury Bills are available for a minimum amount of Rs. 25,000 and in multiples of Rs. 25,000 thereafter.f) At present, RBI issues T-Bills for three different maturities: 91 days, 182 days and 364 days. Cash Management Bills (CMBs)a) Government of India, in consultation with the Reserve Bank of India, has decided to issue a new short-term instrument, known as Cash Management Bills (CMBs), to meet the temporary mismatches in the cash flow of the Government.b) The CMBs have the generic character of T-bills but are issued for maturities less than 91 days.c) Like T-bills, they are also issued at a discount and redeemed at face value at maturity.d) The tenure, notified amount and date of issue of the CMBs depends upon the temporary cash requirement of the Government.# MONISHA

PCA

This year has been a season of putting banks under Prompt Corrective Action (PCA) category. The RBI had revised the PCA framework on 13 April 2017. Since then, 12 Public Sector banks have been put under PCA category till date. The Reserve Bank of India (RBI) had clarified that prompt corrective action (PCA) is aimed at improving banks’ health and asked the public to continue their banking relations with lenders placed under PCA. The RBI’s clarification comes in the wake of misinformation about the PCA framework, with messages asking people to withdraw their deposits and warning against opening new fixed deposits. Now the big question comes 'Is this the end of recruitment in Banks?' Well PCA is not the villain as it looks. It is introduced on the banks in its favour so that the particular bank can come over its NPAs, bad loans, risks and losses that it had incurred over the period of time. Once it recovers the losses, it will be soon removed from PCA. The Indian government is already making so many policies and introducing bills to improve the health of the public sector banks. Most importantly, it is not possible to manage the accounts, loans, commercial business, etc in a bank without the supply of manpower in the banks. So, students, you need not get so much worried about the vacancies in the banking sector. Now if the question comes to your mind regarding the number of vacancies in the banks, so it may get decreased. But what is your control on it? Being an aspirant one should not cry and mumble on his fate, but to rise up quickly and smartly take the opportunity and complete it with his success. With the limited number of seats, the competition will undoubtedly increase, so you need to keep your preparation a cut above.Once PCA is triggered by the regulator, the bank faces restrictions on spending money on opening branches, recruiting staff and giving increments to employees. Further, the bank can disburse loans only to those companies whose borrowing is above investment grades. Till date, there are 12 public sector banks that have come under PCA viz. United Bank of India, Bank of India, Corporation Bank, Oriental Bank of Commerce, Dena Bank, Central Bank of India, IDBI Bank, Indian Overseas Bank, Bank of Maharashtra, UCO Bank,Allahabad bank and Dhanalaxhmi bank.The Reserve Bank has specified certain regulatory trigger points, as a part of prompt corrective action (PCA) Framework, in terms of three parameters, i.e. Capital to Risk-Weighted Assets Ratio (CRAR), net Non-Performing Assets (NPA) and Return on Assets (RoA), for initiation of certain structured and discretionary actions in respect of banks hitting such trigger points. The PCA framework is applicable only to commercial banks and not extended to co-operative banks, non-banking financial companies (NBFCs) and FMIs.As part of the new rules disclosed on April 13, 2017, the RBI defined three risk thresholds for key indicators such as NPAs and linked specific corrective measures to each threshold. Banks with a net NPA ratio of 6-9 percent will fall under risk category 1.Lenders with net NPAs between 9-12 percent of all loans fall into the second risk category, while those with a net NPA ratio above 12 percent fall into the third category.So, this was the complete coverage on the NPAs and its impact on banks. Keep your preparations going with improved pace and positive approach. #RAJKUMAR

LoU,CBS,LoC,SWIFT

Nirav Modi's Fraud is all over the news these days as the Punjab National Bank detected fraudulent transactions worth Rs. 11,300 crore at its Brady House branch in Mumbai recently. If you've been catching up with the news you must have come across these Banking Terms-  Letter of Undertaking (LoUs),  Letter of Credit (LoC), Society for Worldwide Interbank Financial Telecommunication (SWIFT) system, and Core Banking System (CBS). It is important for you to understand what these terms mean, not only to get a better insight at the PNB fraud swirling in current affairs of the nation but also to prepare for upcoming exams as current affairs based banking terms and instruments are known to be seen in the general awareness section of banking examinations.So students the topics like LoU, SWIFT, CBS, Letter of Credit (LoC) are now very important from the point of upcoming competetive Examinations.What is a 'Letter Of Credit'?A letter of credit is a letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. In the event that the buyer is unable to make payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase.What is SWIFT?When an LoU is issued, the message of credit transfer is conveyed to overseas banks through the Society for Worldwide Interbank Financial Telecommunication (SWIFT)system. This is a significant information as it gives the bank's consent and guarantee. To issue SWIFT, an official has to log in and fill up confidential information such as the account number and SWIFT code. It generally has three layers of security - a maker, a checker and a verifier within the core banking system before it is issued.What is CBS? CBS refers to Core Banking System where all branches are inter-connected to ensure that the bank customers - regardless of their home branch - are able to operate their account and transact in any of the member branch located anywhere in the world.What is Letter of Undertaking (LoU)?An LoU is an assurance given by one bank to another to meet a liability on behalf of a customer. The LoU is akin to a letter of credit or a guarantee. LoUs are used in international banking transactions. An LoU is issued for overseas import remittances and involves four parties — an issuing bank, a receiving bank, an importer and a beneficiary entity overseas. According to norms, the term of an LoU is 180 days, and can be rolled over once for six months. Since LoUs are a form of lending, they are typically backed by security. #RAJKUMAR

UPI

Unified Payments Interface (UPI) system is been developed for all retail payments in the country. It has been developed by NationalPayments Corporation of India (NPCI) to make the transfer of money easy and simple. It was launched on 11 April 2016.At the start, ten major banks — SBI, Canara Bank, BOI, ICICI Bank, HDFC Bank, Punjab National Bank, Bank of Baroda, HSBC, andCiti Bank integrated the interface with their mobile apps.At present, the most transactions are done using NEFT, RTGS or IMPS system in the country. There are a variety of things need to befulfilled while doing transactions through NEFT and RTGS like going to bank, form filling, giving various details like account number,IFSC code, etc. IMPS is somewhat better than NEFT and RTGS for transactions. Now a new system UPI has been launched by RBIwhich is developed by NPCI for hassle free transactions. How can you use the new UPI system: The first thing that you need to know to use the new UPI system is – is your bank is linked to the UPI platform?Next, you should have a smartphone to use the app of your bank. The app should also be upgraded to provide the service.Next, you have to fill in the details like date of birth, registered email address and mobile phone number with the bank, etc.After filling the form, you will get the virtual ID.After the creation of this ID, the app can be used to perform the transactions.You will also be provided a mobile personal identification number (MPIN), which will be a standardised 4- or 6-digit numbersimilar to an ATM PIN.Now perform the steps required to do the transfers using UPI without the use of alpha-numeric Indian Financial System Code(IFSC) and bank account numbers each time. Some important facts: Both the sender and the receiver should have enabled UPI platform for the transaction to take place.You need not have different bank apps for different bank accounts.All UPI-enabled banks will allow their apps to be consolidated.So, through the use of one app, one can perform all payment transactions.The limit on transaction through UPI system is Rs 1 lakh.Charges can be applied depending on the amount of money transferred.The service is available 24×7.One need not go to the bank for NEFT or RTGS, transaction can be initiated anywhere with a few clicks.Also no need to carry the debit or credit cards which are also sometimes lead to security problems.Merchant will not be able to track even the account number.UPI system will not at all include the wallets.The transaction will be shown as IMPS Bank transfer in the bank account statement.    # ARCHANA

NACH

The Reserve Bank of India offers theElectronic Clearing System (ECS) for faster payments and collections. ECS is an electronic modeof payment / receipt for transactions that are repetitive and periodic in nature. By repetitive and periodic, it is meant that the transactionsoccur repetitively and after a fixed time interval.But ECS lacks certain things like it takes around 30 days for its activation after submitting the required documents, it is regional based,etc.To overcome the problems faced by ECS, National Payments Corporation of India (NPCI) came with another system called NationalAutomated Clearing House (NACH). NACH is a centralised system, launched with an aim toconsolidate multiple ECS systemsrunning across the country and provides a framework for the harmonization of standard & practices and removes localbarriers/inhibitors. It intends to provide a single set of rules (operating and business), open standards and best industry practices forelectronic transactions which are common across all the Participants, Service Providers and Users etc. Like ECS, NACH also is an electronic mode of payment / receipt for transactions that are repetitive and periodic in nature. NACHsystem is used by institutions for making bulk payment of amounts or for bulk collection of amounts.Examples for bulk payment of amounts include automatic paying of interest, salary, pension, etc. by the organizations.Examples for bulk collection of amounts includes automatic paying of telephone / electricity / water bills, cess / tax collections,loan installment repayments, periodic investments in mutual funds, insurance premium, etc. by the citizens of the country.Like ECS, NACH has both Debit and Credit variants1. Direct Credit, which involves distribution of salary, pensions, dividends, interest, etc to the relevant stakeholders at set frequencyand periods and2. Direct Debit, which making regular fixed payments towards insurance premiums, loan repayments, recurring deposits, etcHow NACH is different from its predecessor ECS?NACH consolidates all regional ECS systems into one national payment system.A reduction in turnaround time to 10 days is expected via NACH white it was around 30 days in ECS system.ECS is controlled by the Reserve Bank of India or by the designated commercial banks, while NACH will be managed by NPCI.IN ECS, during any discretion the management of dispute is left to the Destination Bank and Sponsor Bank while in case ofNACH, there is a well-defined Dispute Management System; electronic platform to raise and resolve issues.ECS had local barriers, while NACH will not have any.Some facts about NACH:From 1st May, 2016 NACH replaced ECS.Those who are using ECS already can use ECS till their validity expires. After this, one will have to fill NACH forms instead of ECS forms ECS formsNACH forms can be availed from AMC (Asset Management Company) offices or their websites.The structure of NACH allows member banks to design their own products to ensure the needs of their retain customers, corporate clients and Government.Some of the benefits of NACH scheme:NACH Credit and Debit schemes can be initiated by institutions/individuals who apply for it.There is no need to go to bank branches/ collection centres after all formalities are completed while applying.Freedom from paper handling such as cheques as all credits and debits are done electronically.So it avoids the loss and fraudulent of papers in transit.NACH is very cost effective.This system eliminates the local barriers and facilitates same day transactions anywhere in India.Customers need not keep track of due date for payments.#Saarumathi

PAYMENT BANK

RBI has taken an advanced step to push our financial inclusions by providing the guidelines for licensingdifferentiated banks such asPayment Banks and Small Finance Banks.On November 27 2014, RBI released the final guidelines for payment banks.Theseguidelines will allow mobile firms and other valid entity to enter the banking field to service the individuals and small businesses.What is Payment Bank?The main objective of the payment bank is providing small savings accounts and payments or remittance services to low incomehouseholds,small businesses,other unorganized sector entities and other users.Guidelines and Regulations provided by RBI for Payment BanksDO’s i.These banks can able to operate current accounts and saving accounts.They can issueATM or Debit cards, Net Banking andMobile Banking facilities to their customers.ii.The payment banks can take restricted deposits which is currently limited to₹1 lakh per customer.iii.They can distribute the non-risk financial products such as mutual funds and insurance Dont’s They don’t have rights to provide lending services such ascredit cards and issue loans facilities.Other Guidelines and Regulations to follow1.The initial minimum capital requirement of ₹100 crore iPayment banks cannot lend money, so from where will they get profit?The payment banks are allowed to invest their customers deposit into government securities from which they can raise money.How does the Payment Banks reach their customers in far flung areas?i.Payment bank will reach through mobile phones.Further, bank correspondents can be employed to make reach the services ofPayment Bank to every citizen in villages.ii.The recharge shops can play a crucial role in Payment bank expansion.A mobile wallet can be used for transactions.List of Active Payment Banks: On 19 August 2015, the Reserve Bank of India gave “in-principle” licences to eleven entities to launch payments banks.They are1. Aditya Birla Nuvo2. Airtel M Commerce Services3. Cholamandalam Distribution Services4. Department of Posts5. FINO PayTech6. National Securities Depository7. Reliance Industries8. Sun Pharmaceuticals9. Paytm10. Tech Mahindra11. Vodafone M-PesaFrom the above , three entities “Cholamandalam Distribution Services”, “Sun Pharmaceuticals” and “Tech Mahindra” have surrenderedtheir licenses.This license is valid for 18 months within which the entities must fulfill the requirements. They are not allowed to engage in bankingactivities within the period. The RBI will consider grant full licenses under Section 22 of the Banking Regulation Act, 1949, after it issatisfied that the conditions have been fulfilled.  #Saarumathi

Merger and Acquisitions of Banks

From 2010 to 2017Name of the Banks  Acquired                         Name of the Banks got  Merged                                            Year of Merging  happenedState Bank of India                                             Bharatiya Mahila Bank (BMB)                                                  2017State Bank of India                                             State Bank of Travancore (SBT)                                              2017State Bank of India                                             State Bank of Bikaner and Jaipur(SBBJ)                                 2017State Bank of India                                             State Bank of Hyderabad (SBH)                                              2017State Bank of India                                             State Bank of Mysore (SBM)                                                   2017State Bank of India                                             State Bank of Patiala (SBP)                                                    2017Kotak Mahindra Bank                                         ING Vyasa Bank                                                                      2014ICICI Bank                                                          Bank of Rajasthan Ltd.                                                            2010 From 2000 to 2009 Name of the Banks Acquired                          Name of the Banks got Merged                                            Year of Merging happened HDFC Bank                                                       Centurion Bank of Punjab                                                         2008ICICI Bank Ltd                                                   Sangli Bank                                                                               2007Indian Overseas Bank                                       Bharat Overseas Bank                                                              2007Centurion Bank of Punjab                                 Lord Krishna Bank                                                                     2006Federal Bank                                                    Ganesh Bank of Kurandwad                                                      2006Nainital Bank                                                     Bank of Baroda                                                                         2006IDBI Ltd                                                             United Western Bank                                                                2006IDBI Ltd                                                             IDBI Bank                                                                                  2005Bank of Punjab(POB)                                       Centurion Bank                                                                          2005Bank of Baroda                                                 South Gujarat Local Area Bank                                                 2004Oriental Bank of Commerce                             Global Trust Bank                                                                      2004Punjab National Bank                                       Nedungadi Bank Ltd.                                                                 2003ICICI Bank                                                        ICICI Ltd.                                                                                    2002Bank of Baroda                                                 Benares State Bank Ltd.                                                            2002ICICI Bank Ltd                                                  Bank of Madura Ltd                                                                    2001HDFC Bank Ltd.                                               Times Bank Ltd.                                                                          2000 From 1990 to 1999Name of the Banks Acquired                             Name of the Banks got Merged                                               Year of Merging happenedBank of Baroda                                                Bareilly Corporation Bank Ltd.                                                      1999Union Bank of India                                         Sikkim Bank Ltd.                                                                            1999Oriental Bank of Commerce                            Bari Doab Bank Ltd.                                                                      1997Oriental Bank of Commerce                            Punjab Co-operative Bank Ltd.                                                     1996State Bank of India                                          Kashinath State Bank Ltd                                                              1995Bank of India                                                   Bank of Karad Ltd.                                                                         1994Punjab National Bank                                      New Bank of India                                                                         1993Bank Of India                                                   Parur Central Bank Ltd.                                                                 1990Central Bank Of India                                       Purbanchal Bank Ltd.                                                                    1990Indian Bank                                                       Bank of Thanjavur Ltd.                                                                  1990Indian Overseas Bank                                      Bank of Tamilnadu Ltd                                                                   1990 Before 1990Name of the Banks Acquired                       Name of the Banks got Merged                                                 Year of Merging happenedAllahabad Bank                                               United Industrial Bank Limited                                                        1989 Bank of Baroda                                                Traders Bank Ltd                                                                            1988Punjab National Bank                                      Hindustan Commercial Bank Ltd                                                    1986State Bank of India                                          Bank of Cochin Ltd                                                                          1985Canara Bank                                                   Lakshmi Commercial Bank Ltd                                                        1985Union Bank of India                                         Miraj State Bank Ltd                                                                        1985 State Bank of India                                          National Bank of Lahore Ltd                                                            1970State Bank of India                                          Bank of Bihar Ltd                                                                             1969 Use landscape mode in mobile for Better view # Priyadharshini

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