New Delhi: The Union Cabinet on Wednesday approved amalgamation of 10 public sector banks, including Allahabad Bank, Andhra Bank and OBC, to create large four state-owned lenders with effect from 1 April, Finance Minister Nirmala Sitharaman said. These will be in addition to State Bank of India, Bank of Baroda, and Bank of India. Following the consolidation, there will be seven large public sector banks (PSBs), and five smaller ones. There were as many as 27 PSBs in 2017. As per the mega consolidation plan, Oriental Bank of Commerce and United Bank of India will merge into Punjab National Bank; Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank. "Sticking to the 1 April, 2020 deadline, banks are fully on board.