IBEF: September 18, 2018
Rewrite: Government of India is planning to merge three state-operated banks - Bank of Baroda, Dena Bank and Vijaya Bank - in an effort to enhance the country's banking sector. The merged entity, expected to be India's third largest bank, will continue to receive capital support from the government, according to Mr Rajiv Kumar, Secretary, Department of Financial Services, Government of India. The merger will first require the approval of the board of directors of the three banks. Then, the government will come out with an amalgamation scheme which will have to be approved by the Union Cabinet and the houses of Parliament. The entire process is expected to be concluded by the end of the current financial year ending March 31, 2019.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.