BANKING AFFAIRS

Detailed explanation-1: -Punjab National Bank acquired New Bank of India in 1993. Thereafter, no other nationalized bank in India has been merged into another bank.

Detailed explanation-2: -Punjab National Bank acquired New Bank of India in 1993. The only other nationalized bank merged with another-except for State Bank of India with its associate banks-was the merger of Bharatiya Mahila Bank with State Bank of India in 2017.

Detailed explanation-3: -Later on, in the year 1993, the government merged New Bank of India with Punjab National Bank. It was the only merger between nationalised banks and resulted in the reduction of the number of nationalised banks from 20 to 19.