Merger of Vijaya Bank, Dena Bank & Bank of Baroda announced
18 September, 2018, 10:15
To allay the fears and speculations of the employees of these banks, Finance Minister Arun Jaitley said, "No employee will face any service conditions which are adverse in nature". The banks' boards will shortly meet and take a decision, Jaitley added.
The decision to merge the three banks will first need to be approved by the board of directors of Bank of Baroda, Dena and Vijaya. In the previous such mega merger, five associate banks and the Bharatiya Mahila Bank became part of the state-run State Bank of India on April 1, 2017, making the country's largest lender among the world's top 50 banks.
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".
The new amalgamated bank will have a total business of more than Rs 14.82 lakh crore.
"Nobody should have a worry because this amalgamated entity will increase the banking operations".
In contrast to net non performing assets (NPA) ratio of 11.04 per cent for Dena Bank, 5.40 per cent for Bank of Baroda and 4.10 per cent for Vijaya Bank, the combined entity will have net NPA ratio of 5.71 per cent, according to a presentation by Rajiv Kumar, Secretary, Department of Financial Services.
The decision to merge the three banks came at a meeting held under the "alternative mechanism" framework that was drawn up past year to consider consolidation in banking.
The merged banks will have a deposit base of Rs 8.41 lakh crore and advances base of Rs 6.4 lakh crore. He said the present government has tried to cleanse the bad loan mess, with steps such as asset quality review of the banks, adequate provision against stressed assets and enactment of the Insolvency and Bankruptcy Code to address the logjam in the sector. Besides Jaitley, the alternative mechanism includes defence minister Nirmala Sitharaman and railway minister Piyush Goyal. "Capital support, if any, to make it a big and global bank will be ensured", he added.
Jaitley said the truth of the bad loan crisis was revealed only in 2015 because the previous UPA government had been sweeping the problem under the carpet. LIC, which has been keen to acquire a bank for some time, has made an offer for IDBI Bank because it suited their interests. "This took its toll on the economy", he said.
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