BSc monthly magazine Sept

BSc monthly magazine Sept An inter-ministerial panel headed by finance minister Arun Jaitley on 17 Sep asked state-run Bank of Baroda (BoB), Vijaya Bank and Dena Bank to consider amalgamation to create the country's third-largest lender. The decision comes as a relief for Dena Bank, BSc monthly magazine Sept which is one of the 11 stressed public-sector banks (PSBs) on the central bank's watch list and which also faces restrictions on lending until it fixes its poor finances. The govt expects the two relatively strong banks - BoB and Vijaya Bank-will easily absorb potential shock of amalgamating with a weak one. BScmonthly magazine Sept The latest move is part of the govt's reform initiatives to create a few but strong banks with much larger balance sheets to support the rising appetite for credit of the fast-growing economy and enable optimum utilisation of resources. BSc monthlymagazine Sept The merged entity has a combined business of Z14.8 lakh cr, deposits of 28.4 lakh cr, gross advances of Z6.4 lakh cr, and 85,675 employees, based on the position as on Jun 30. The boards of these three banks are expected to meet soon to consider the proposal and work out modalities. BoB managing director (MD) PS Jayakumar said the amalgamation process may take four to six months to complete. BSc monthly magazine Sept The govt currently owns majority stakes in 21 lenders, which account for over two-thirds of the country's banking assets. But they also account for an overwhelmingly large share in total non­performing assets (NPAs) in banking.