Dena, Vijaya, BoB to merge and form country’s 3rd largest bank

Three banks merger

Three banks merger

Given that recovery from bad loans is the need of the hour, the unions' contention is that it will take a back seat once amalgamation between the three public sector banks is initiated as their top brass will be bogged down with the administrative nitty-gritties of consolidation. The banks' boards will shortly meet and take a decision, Jaitley added.

The Narendra Modi-led NDA government has made a decision to merge three nationalised banks together, Financial Services Secretary Rajiv Kumar announced on Monday.

The first major banking sector consolidation during the tenure of the NDA government was the merger of five associate banks of State Bank of India with itself.

No-deal Brexit 'would entail substantial costs'
Signs are growing that the party has no intention of bailing the Prime Minister out. Khan's comments come on the same day as he called for a second vote on Brexit .

The government has not given any timeframe for the merger but experts feel it could take six months to one year."I do not know how long it will take but if you go by past experiences, it would take probably four to six months. Many banks were in a fragile condition".

Experts were, however, not very hopeful about the prospects for Bank of Baroda. This step will particularly help Dena Bank, the weakest of the three, which is now under the Reserve Bank of India's Prompt Corrective Action (PCA) framework and has been barred from extending fresh loans. The merged entity will have a combined business of Rs 14.82 lakh crore, with 10,000 branches and around 85,000 employees.

The idea of amalgamation was proposed by a Cabinet-approved Alternative Mechanism on bank mergers comprising Jaitley, Railways Minister Piyush Goyal and Defence Minister Nirmala Sitharaman after a meeting Monday.

Australian Newspaper Republishes Controversial Cartoon of Serena Williams
In the cartoon you can see his depiction of Serena stomping on a tennis racket while a pacifier lies on the ground next to her. I think people have just misinterpreted. "I find it really, a little offensive", added fellow Melbourne resident Nowal Kahsai.

R.A. Sankara Narayan, Vijaya Bank CEO & MD, told a TV channel he had got to hear about the merger proposal only after the news conference.

Financial Services Secretary Rajiv Kumar said bank boards of the three banks will examine the amalgamation proposal.

The government will continue to provide capital support to the merged bank, Kumar added.

Schmeichel calls on Man Utd fans to get behind Mourinho
Numerous fans have had enough but we're not too sure what Pogba's current teammates think of his behaviour. I sent him a message during the World Cup and congratulated him. "He's a very nice guy, very natural.

Banking sector reforms are a major plank of Prime Minister Narendra Modi's administration to revive credit growth, which has slowed to multi-decade lows as banks struggle with bad loans. During the UPA regime, the banks had not reported NPAs of just Rs 2.50 lakh crore, thereby concealing the seriousness of the problem. LIC, which has been keen to acquire a bank for some time, has made an offer for IDBI Bank because it suited their interests. And that took its toll on the economy.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.