Fake Bank Merger Notification Goes Viral, PIB Fact-Check Debunks Claim

A social media post claiming that the Centre has ordered the merger of nine public sector banks into three large banking entities has gone viral. However, the Press Information Bureau (PIB) Fact Check has dismissed the claim as false.

Fake Notification Circulates Online

Documents being shared on social media were presented as official notifications issued by the Ministry of Finance and even made to resemble Government of India gazette documents. The viral claim suggested that the Centre had approved a fresh round of mergers involving several major public sector banks.

According to the PIB Fact Check, no such government order has been issued. The Department of Financial Services currently lists 12 public sector banks in India.

Which Banks Were Claimed to Be Merged?

The fake notification claimed that Indian Bank, Bank of Maharashtra and Central Bank of India would be merged with State Bank of India (SBI).

It further claimed that Union Bank of India, Bank of India and Punjab & Sind Bank would be merged with Punjab National Bank (PNB). Another proposed combination in the viral document involved Canara Bank, Indian Overseas Bank and UCO Bank being merged with Bank of Baroda.

The PIB Fact Check has clarified that these merger claims are not based on any official government decision.

Previous Bank Mergers

The confusion may have been linked to earlier public sector bank consolidation. In 2019, the government approved the amalgamation of 10 PSBs into four banks, while subsequent mergers took effect in 2020. This consolidation reduced the number of PSBs from 27 to 12.

The Department of Financial Services confirms that India currently has 12 public sector banks.

Authorities have urged people to verify such claims through official government sources before sharing or believing viral documents on social media.