34 functional teams to smoothen merger of UBI, PNB, OBC

TIL Desk/Business/New Delhi/ A total of 34 functional teams have been formed to smoothen the process of merger of United Bank of India (UBI), Punjab National Bank (PNB) and Oriental Bank of Commerce (OBC), a senior official said.

The merger is scheduled to come into force from April 1 next year. “Thirty four functional teams have been created to come out with solutions for the process of integration,” a UBI official told. A team comprises two members each from the three banks from different functional areas, he said.

“The functional teams will also try standardising the loan process, credit terms and benefits extended to the customers in the interim period till the merger comes into effect to avoid customer-related issues in the future,” the official said.