India

Union Cabinet Approves Merger Of Dena Bank, Vijaya Bank With Bank of Baroda

By
OB Bureau

New Delhi: The Union cabinet on Wednesday gave its go head to merger of public sector lenders Dena Bank, Vijaya Bank with Bank of Baroda (BoB).

The merger will allow the combined entity more lending power, he said, adding that there will be no retrenchment of employees as the employees of Dena and Vijaya banks will be transferred to BoB.

“There will be no effect on their service and working conditions,” the Union Minister assured.

This is the first three-way merger in the public sector banking. Prior to this, the State Bank of India had merged five of its subsidiary banks with itself and took over Bharatiya Mahila Banks.

In September last year, the Centre had announced the merger of these three banks as a part of its strategy to promote consolidation in the sector marred by non-performing assets (NPAs).

However, nine bank unions had been opposing this three-way merger and called a nation-wide bank strike in December last year against the decision.

(With input from agencies)

OB Bureau

Recent Posts

Cricket, Queen Of Hearts, Social Media & The Big Rohit-Virat Question

Off with his head', orders the Queen of Hearts and off goes a head. The…

November 5, 2024

Canadian Cop Suspended For Protesting Outside Hindu Temple Holding Pro-Khalistani Flag

Ottawa: A Canadian cop, identified as Sergeant Harinder Sohi—a Peel Regional Police officer— was reportedly…

November 5, 2024

Miscreants Kill Woman After Tying Husband To Tree In Odisha’s Koraput

Koraput: In a shocking incident, A woman was allegedly killed after the assailants tied her…

November 5, 2024

Delhi-Bound Flight Receives Bomb Threat Before Takeoff From Bhubaneswar

Bhubaneswar: Passengers were de-boarded and frisked at Biju Patnaik International Airport (BPIA) in Bhubaneswar after…

November 5, 2024

Speeding Car Uproots Traffic Post After Crash In Bhubaneswar; 2 Injured

Bhubaneswar: Two persons were severely injured when the car in which they were travelling crashed…

November 5, 2024

Seek Apology In Temple Or Pay Rs 5 Cr: Fresh Threat To Actor Salman Khan

Mumbai: Bollywood actor Salman Khan has once again received a threat allegedly from the Larence…

November 5, 2024

Former Odisha Congress MLA Passes Away at 42

Bhubaneswar: Former Congress MLA from Laxmipur (Koraput), Purna Chandra Majhi, passed away while undergoing treatment…

November 5, 2024

Will Donald Trump Defeat Kamala Harris? Know What A Hippo In Thailand Predicted [Watch]

Thailand: In Thailand’s Khao Kheow Open Zoo, a pygmy hippo—Moo Deng—‘predicted’ that Republican candidate Donald…

November 5, 2024