The Centre will soon announce the new name and logo of the entity to be emerged after the merger of Punjab National Bank (PNB) United Bank of India (UBI) and Oriental Bank of Commerce (OBC), an official said. The new entity will be the second largest bank in the country after SBI with a total business volume of Rs 18 lakh crore, he said.

State-run lender United Bank of India has been able to sell as many as seven NPA accounts to asset reconstruction companies(ARCs) in the current quarter and is looking to sell more bad loans to clean up the balance sheet. The lender looks to sell NPAs before its proposed merger with PNB and Oriental Bank of Commerce, expected to come into force from the next-fiscal.

NSE Nifty opened negative and witnessed sustained selling pressure throughout the session. The index drifted sharply towards the 10,770-level in the latter part of the day and formed a-strong-bearish candle on daily scale, as it closed with a loss of over 200-points. Nifty-Bank continued its formation of lower-highs and lower-lows from the past four trading sessions and corrected nearly 600-points to close below 27,000.