New Delhi: Vijaya Bank, Dena Bank, Bank of Baroda to be merged. This was announced by the union government on Monday.
Department of Financial Services (DFS) Secretary Rajiv Kumar, during a media briefing, said
“Merger of the three banks will make this the third largest bank of the country.”
Union Finance Minister Arun Jaitley said the merger would make the banks stronger and sustainable as well as increase their lending ability.
The Minister pointed out that bank lending was becoming weak, hurting corporate sector investments. Also, many banks were in a fragile condition due to excessive lending and ballooning non-performing assets (NPAs). “This amalgamated entity will increase banking operations,” he said.
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Ms Kalinga