Merger of Dena Bank, Vijaya Bank and Bank of Baroda announced

Jaitley

The Union government has chose to merge state-owned Vijaya Bank, Dena Bank and Bank of Baroda to create India's third largest lender.

According to Rajiv Kumar, secretary, Department of Financial Services, the boards of all the three banks had already been advised by the government to consider the proposal, which will be taken soon. This will create the country's third-largest bank, and capital support will be provided to the merged entity by the government. "However, the merger of Vijaya Bank will strengthen BoB as it provides both diversification and scale and will be more or less neutral for the latter", the brokerage said. After the amalgamation of associate banks with SBI, this is first-ever consolidation in the Indian banking sector.

The three-way merger has triggered hopes for more such prospects and the next bunch of candidates of week banks may be from the east - Allahabad Bank, Uco Bank and United Bank of India.

Barack Obama Says Not Voting in the 2018 Midterm Elections Is 'Dangerous'
Obama should help spur turnout, especially among black voters whose participation fell off in 2016, Beck said. He said many OH farmers "have money in their pockets" because of Cordray's work at the consumer bureau.

Last year, top lender State Bank of India was also merged with five of its subsidiary banks.

He added,"No employee will face any service conditions which are adverse in nature".

Consolidation is always anticipated to be disadvantageous for the stronger banks.

"Mary Poppins Returns" 54 Years Later In New Trailer
Mary Poppins Returns , the official sequel to 1964's Mary Poppins , stars Emily Blunt as everybody's favourite magical nanny. I don't want it to be, 'Oh, here comes that Mary Poppins .' I don't want that.

Besides, Kumar said, Provision Coverage Ratio (PCR) would be better at 67.5 percent against average of 63.7 percent and cost to income ratio of the combined entity would come down to 48.94 percent as compared to average of 53.92 percent. "And therefore, now the alternative mechanism has gone ahead and taken this decision today", Jaitley said.

Cheered by the news, Dena Bank hit an upper circuit limit of 20 per cent in the opening deals while Vijaya Bank was trading flat at Rs 60.20 apiece on BSE, up 0.67 per cent.

The government owns majority stakes in 21 lenders, which account for more than two-thirds of banking assets in Asia's third biggest economy. The Bank of Baroda's bad loan ration now stands at 12.4 percent. "Banks should be made strong and it will depend on process", he said. "The UPA had swept the NPAs under the carpet, he said".

Apple Gets FDA Approval for New Watch, Touts Health Gains
Many of these benefits also found their way into the iPhone XR (October 26), which starts at $750 instead of an exorbitant $1,000. The iPhone Xc or Xr is also expected to feature an LCD screen , opposed to the OLED displays on the iPhone Xs and Xs Max .

"It was only after 2015 that the real picture was known and the government and the RBI started taking concrete steps. The government is keen to take steps so that history isn't repeated as far as NPAs are concerned", he added. He alleged that banks undertook above-normal lending during 2008-2014 as "if there was no tomorrow" resulting in huge non-performing assets to the tune of Rs 8.5 lakh crore.

Related News:

  • The lower cost iPhone XR may be the iPhone many people choose

    The lower cost iPhone XR may be the iPhone many people choose

    In the photography department, iPhone XS sports a 12-megapixel wide-angle and telephoto dual cameras with OIS and True Tone flash. New Street Research downgraded shares of Apple from a neutral rating to a sell rating in a report on Monday, August 20th.
    Huge demand for 512GB Samsung Galaxy Note 9

    Huge demand for 512GB Samsung Galaxy Note 9

    Samsung has reportedly been testing out its in-display fingerprint scanner, so the device in question might have that as well. There have been rumours in recent times of a forthcoming Samsung Galaxy A9, which is said to have a four cameras on the rear.
    SpaceX signs up first private moon traveler

    SpaceX signs up first private moon traveler

    That mostly likely means the passenger is from Japan, SpaceX is moving to Japan, or Musk is simply trolling people with emojis. In February previous year , it claimed two people had "already paid a significant deposit to do a moon mission" in late 2018.
  • Lionel Messi scores Champions League hat-trick against PSV

    Lionel Messi scores Champions League hat-trick against PSV

    Briefly teammates with Messi at Barcelona between 2005-06, Van Bommel didn't hold back in Monday's news conference. With ten minutes left, Barcelona defender Samuel Umtiti was shown a second yellow card for a foul on Lozano.
    Brett Kavanaugh's Accuser: What We Know About Christine Blasey Ford

    Brett Kavanaugh's Accuser: What We Know About Christine Blasey Ford

    Kavanaugh has said he was not at the party where the incident was alleged to have occurred, according to a White House official. This should happen before the Senate moves forward on this nominee", Feinstein said in a statement released Sunday.
    Alvaro Morata’s three-word reaction to Chelsea FC win

    Alvaro Morata’s three-word reaction to Chelsea FC win

    Sarri was pleased with his side's efforts against the winless Bluebirds but said reiterated that they were still "a step away" from Liverpool and Manchester City.
  • Florence delivers more drenching rains in eastern US

    Florence delivers more drenching rains in eastern US

    The Wilmington airport had a wind gust clocked at 105 miles per hour (169 kph), the highest since Hurricane Helene in 1958. That's enough to fill the Chesapeake Bay or cover the entire state of Texas with almost 4 inches of water, he calculated.
    'It felt like the longest race of my life' - Singapore victor  Hamilton

    'It felt like the longest race of my life' - Singapore victor Hamilton

    Vettel then botched qualifying in Hungary, again in the rain, as Hamilton took pole and won to stretch his series lead. When the race re-started, Ferrari gambled on pitting first for new tires by bringing in Vettel first.
    Farm murders in SA - 62 deaths recorded

    Farm murders in SA - 62 deaths recorded

    Politicians across party lines have expressed dissatisfaction with the almost seven percent increase in murders in South Africa . Murders of Women and Children 2017/2018. "What we have also observed is that hostel-related murders remain the reality in KZN".
  • Cleveland Browns to release Josh Gordon

    Cleveland Browns to release Josh Gordon

    Twitter erupted after Gordon's shocking release with fans and reporters weighing in on the transaction that came out of nowhere. He was away from the team for nearly the first full month of training camp and did not begin practicing until last week.
    Florence weakens to Category 1 hurricane: NHC

    Florence weakens to Category 1 hurricane: NHC

    On Thursday, Florence was a Category 3 hurricane on the five-step Saffir-Simpson scale with 120-mph winds (193 km). An investigation is underway, but officials said it appears there's no reason for others at the shelter to worry.
    Fires, explosions erupt in multiple U.S.  towns near Boston

    Fires, explosions erupt in multiple U.S. towns near Boston

    Massachusetts State Police say troopers are responding to the area to help secure areas after "multiple suspected gas explosions". Not all of the fires have been fully extinguished yet, Mayor Dan Rivera said at a 00:30 local (04:30 GMT) press conference.


Most liked

Captain Marvel: Why Brie Larson's Carol Danvers is a Marvel game-changer
Carol also has the ability to absorb cosmic energy and other forms of energy and channel it back in the form of photonic blasts. Brie Larson appeared on Disney-owned " Good Morning America " Tuesday to promote Disney's " Captain Marvel " from Washington.

South Africa Has Legalised Cannabis Use For Adults In Private Places
Several government departments, including the health and justice ministries, oppose its legalization and warn of harmful effects. The official status for dagga is that it is now "decriminalised".

Alleged Kavanaugh Misconduct Witness Mark Judge Submits Letter to Congress Disputing Claims
Conway, one of the highest-ranking women in the West Wing, said she'd "spoken at length" with Trump about the allegations. Grassley said the hearing would be televised and would include just two witnesses, Ford and Kavanaugh.

Thrilling Rodgers-Cousins QB duel ends in Packers-Vikings tie
Quarterback Kirk Cousins connected with Adam Thielen for this 22-yard score to accomplish part one, but we're not quite sure how. Asked about the pressure the Vikings got on Rodgers, Zimmer said: "Early in the game, I don't think we did".

Midwest Abandons Trump, Fueling Democratic Advantage For Control Of Congress
Bill Pascrell of New Jersey to repeal the cap on federal deductions for state and local taxes that came in the new tax law. The lead also similar to Democrats' advantage on the question in 2006 , the last time they took back the House.

The Patriots Have Agreed To A Trade For Browns Receiver Josh Gordon
Gordon has not played in a game that his team has won since November 23, 2014, when the Browns beat the Falcons 26-24. Garoppolo's wide receiver group has no clear go-to players for him to rely on either.

New Apple watch could take bite out of Swiss market
The watch will also monitor for irregular heartbeats and can detect when the wearer has fallen, the company said. Consequently, the watch can now detect hard falls by analyzing wrist trajectory and impact acceleration.

Pros react to Canelo Alvarez vs. Gennady Golovkin 2
Away from Alvarez vs Golovkin, there are some pretty big fights on the undercard. "We were controlling the fight". The fighter was clearly upset in the ring, but he and his camp were measured with their words later.

Canadian Cannabis Users, Workers Could Face Lifetime US Ban
Additionally, if the traveler admits to past drug use, they will be found inadmissible to the US. Customs and Border Protection agency, told Politico in comments published Thursday.

Pep Guardiola Reveals Kevin De Bruyne's Transfer Release Clause
"I will finish again where I started", he said in an interview with Universo Valdano . Sometimes, for some players, it's that way [a slow start].

Justin Bieber And Hailey Baldwin Walk Down The Aisle At Local Courthouse
Interestingly, the rumours have surfaced exactly two months after Justin Bieber and Hailey Baldwin got engaged on July 10. Apparently, Bieber and Baldwin want to have a religious ceremony. "I think having it in the woods would be so lovely ".

Hurricane Florence starts flooding parts of the Carolinas
The police chief of Wrightsville Beach suggested that those who chose to stay give him their next-of-kin contact information. Almost 1.7m people along the coastlines of North Carolina, South Carolina and Virginia have been ordered to evacuate .

Maurizio Sarri vows to reveal decision after speaking to Blues squad
That makes it hard to see beyond another comfortable victory for Sarri and Chelsea , something they're already getting used to. We are still very much in the dark, but Sarri has suggested that we will know the answer soon.

Kshama Sawant responds to Jeff Bezos' $2 billion charitable fund
Sawant is referring to the Seattle head tax that the Seattle City Council adopted and then repealed a month later . Amazon, it should be said, has responded to these claims before, calling them "inaccurate and misleading".

Alex Cora Calls Out Donald Trump for Comments About Puerto Rico
The midpoint estimate - 2,975 deaths - has been accepted by the government of Puerto Rico as the official death toll. Cruz had earlier described the federal disaster response in the USA territory a "despicable act of neglect".