Government of India Proposed to Merge BOB, DENA and VIJAYA Bank - Governemtn News

Merger of three banks proposed by Centre

BoB, Dena, Vijaya boards to examine

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New Delhi, September 18: The Centre government of India today said that the state-owned named as Bank of Baroda, Vijaya Bank and Dena Bank would be merged to create the country’s third largest lender. The move follows top lender State Bank of India last year merging with itself five of its subsidiary banks and taking over Bharatiya Mahila Bank, a niche staterun lender for women.

The Finance Minister of India  Mr. Arun Jaitley said that the merger would make the banks stronger and sustainable as well as increase their lending ability. Finance Minister of India said in his statement that the bank lending was becoming weak day by day, hurting corporate sector funds. In his another statement he also said that the many banks were in a fragile condition due to excessive lending and ballooning NPAs.
Government of India Proposed to Merger BOB, DENA and VIJAYA Bank

As was in case of SBI, no employee would have service conditions adverse to present one. Centre Government of India also owns the majority stakes in 21 lenders, which account for more than two-thirds of banking assets. Financial Services Secretary Rajiv Kumar said boards of the three banks would examine the proposal. While the employees’ interest would be protected, brand equity would be preserved.

Source: The Tribune.

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