Sunday, 21 October, 2018

Dena Bank, Vijaya Bank, BoB to merge

Dena Bank, Vijaya Bank and Bank of Baroda to be merged to form India's third largest bank Merger of Vijaya Bank, Dena Bank & Bank of Baroda announced
Jodi Jackson | 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.

Recommended

This billionaire will be the first tourist to fly around the moon This billionaire will be the first tourist to fly around the moon Musk - with no forewarning - announced that the Falcon Heavy rocket would not be human rated and would not be used to carry crew. Maezawa announced on Monday that he plans to select six to eight artists to accompany him on his journey around the moon.

Storm Helene Is Going To Drench Some Of Us Storm Helene Is Going To Drench Some Of Us Met √Čireann is warning the nation to brace itself ahead of the arrival of Storm Helene which is due to cross over Ireland tonight. It's part of the remnants of Storm Helene , which will move north-eastwards across Wales and England through Monday and Tuesday.

Game of Thrones, Mrs. Maisel triumph at Emmys Thandie Newton won the best supporting actress in a drama statuette for her work on HBO's futuristic western Westworld . Jill Soloway was the most recent woman to win the comedy directing Emmy (for "Transparent") in 2016.

Liverpool's Firmino improving but still in doubt for PSG clash Liverpool's Firmino improving but still in doubt for PSG clash The players we spoke to in the summer or a little earlier, they were different talks to those I had the previous year or before. Klopp said: "He was rested at the weekend so he will be 100 per cent fresh for us and we will see the full Neymar package".

Things to Do Before Installing iOS 12 Things to Do Before Installing iOS 12 We're assuming that the company will stick to its plan to push out macOS 10.14 Mojave next week on September 24th. Many of the Apple apps included in iOS get small tweaks with iOS 12, but we won't mention them all here.

U.S. Calls Urgent Security Council Meeting To Discuss North Korea Sanctions U.S. Calls Urgent Security Council Meeting To Discuss North Korea Sanctions Trump thanked Kim on Twitter, saying, "This is a big and very positive statement from North Korea". Cho Yong-geun led South Korea's three-member delegation, while the North's side was led by Col.

Cape Cod shark attack: Man killed in attack off MA beach Cape Cod shark attack: Man killed in attack off MA  beach Witnesses have claimed that they saw the victim and another man boogie boarding just off the beach when the disaster happened. Not too long after he fell off the board, the shark began attacking him, the Cape Cod National Park Service said.

Tennis Umpires reportedly considering Boycott of Serena Williams Matches Tennis Umpires reportedly considering Boycott of Serena Williams Matches Mr Ramos is one of the most experienced umpires on the tour and has many championship matches under his belt. Osaka admits that she is superstitious with regards to the music she tunes in to before her matches.

USA border agent charged in 2-week killing spree USA  border agent charged in 2-week killing spree Ortiz was charged with four counts of murder, aggravated assault and unlawful restraint, Alaniz told The Post on Sunday. Alaniz said the victims are believed to have been prostitutes and that one of them was a transgender woman.

Outer rain bands approaching N. Carolina coast Outer rain bands approaching N. Carolina coast Florence had been a Category 3 hurricane with 120 miles per hour winds on Thursday but dropped to Category 1 before coming ashore. His remarks fell flat in Puerto Rico where islanders are continuing to struggle to recover a year after the Category 4 storm.

US Accuses Syria and Allies of Demolishing Idlib US Accuses Syria and Allies of Demolishing Idlib Almost 3 million civilians are on the ground, including 1 million children. Roughly half of the displaced are staying in camps, Dujarric said.

Big Match Focus: Tottenham v Liverpool Big Match Focus: Tottenham v Liverpool "The Champions League - if I was Liverpool , I would kick it into touch", he said in an interview with the Times . While Spurs will have home advantage, the Reds have one of the best and most potent attacking unit in Europe.

Samsung Galaxy with 4 Cameras Unveil Is on October 11 Samsung Galaxy with 4 Cameras Unveil Is on October 11 There is also a possibility that the new smartphone would be launched under a new series called the Galaxy P lineup. Samsung Galaxy Keep in mind 9 appeared in all its splendor at a special occasion that occurred in the NY city City.

Paul Manafort signals he intends to plead guilty before new trial Paul Manafort signals he intends to plead guilty before new trial Trump's personal lawyer, Rudy Giuliani, echoed that idea, adding that "the president did nothing wrong". A plea deal puts us just this much closer to what I believe will inevitably result in a resignation.

Google`s mailing app `Inbox` to discontinue from March 2019 Google`s mailing app `Inbox` to discontinue from March 2019 Google has announced that Gmail Offline will be removed from the Chrome Web Store in December, because it isn't needed anymore. Users of Inbox will have to go back to using regular Gmail, which now comes with some of the same features offered by Inbox.