9 Public Sector Banks Merger Fact Check: These days a document related to the merger of public sector banks is becoming increasingly viral on social media. It is being claimed that the Central Government has decided to merge 9 government banks i.e. Public Sector Banks (PSB) into three big banks namely SBI, PNB and Bank of Baroda. However, now the Central Government has called this claim fake. PIB Fact Check, after examining this viral document, has declared it fake. According to PIB Fact Check, this document has not been released by the Finance Ministry. The government has appealed to the people not to immediately believe such news received on social media. For information about any government decision, refer only to official and reliable sources.
Actually, the viral documents were being described as government gazette issued by the Finance Ministry. The viral fake gadget claimed that Indian Bank, Bank of Maharashtra and Central Bank of India would be merged to form State Bank of India, which would form SBI Group.
The two-page document was said to be from “(Dr. M.P. Sharma), Joint Secretary to the Government of India”. The said notification was drafted as an Extraordinary Gazette of India document from the Department of Financial Services, Ministry of Finance. On this date 15th September, 2026, F. No. 10/03/2026-BO.I and GSR 612(E). The document claimed that the “Amalgamation of Public Sector Banks Scheme, 2026” was proposed under Section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and related 1980 Acts, after consultation with the Reserve Bank of India.
Claim of merger of these banks
According to the fake gazette, State Bank of India will be formed by merging Indian Bank, Bank of Maharashtra and Central Bank of India, which will form SBI Group. Similarly, it was claimed to merge Union Bank of India, Bank of India and Punjab and Sindh Bank into Punjab National Bank (PNB). Whereas, the matter of merging Canara Bank, Indian Overseas Bank and UCO Bank with Bank of Baroda was mentioned in the viral documents. It also claimed that the assets, liabilities, rights, claims and responsibilities will be transferred to the respective acquiring banks. Employees were claimed to continue service, while customer accounts and banking arrangements would remain valid.
Government gazette found fake in PIB fact check
After fact checking the alleged gazette, PIB said that it is not an official notification of the Finance Ministry. According to PIB Fact Check, this document has not been released by the Finance Ministry. The government has appealed to the people not to immediately believe such news received on social media. For information about any government decision, refer only to official and reliable sources. At present, customers do not need to worry about their bank accounts, deposits or banking services due to this news.
Merger of government banks has happened before also
Let us tell you that the government has already merged many government banks. Under the big bank merger implemented from April 2020, 10 public sector banks were merged into 4 banks. This included the merger of Oriental Bank of Commerce and United Bank of India into PNB, Syndicate Bank into Canara Bank, Andhra Bank and Corporation Bank into Union Bank of India and Allahabad Bank into Indian Bank.
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