Government to amalgamate BOB, Vijaya and Dena Banks
By MYBRANDBOOK
The government has proposed amalgamation of three public sector banks – Bank of Baroda, Vijaya Bank and Dena Bank. With a combined business of approximately Rs.15 lakh crore, the new entity will be the third-largest bank in India after the State Bank of India and ICICI Bank.
The amalgamation proposal to the banks’ boards is taken in a meeting of the Alternative Mechanism Body chaired by Finance Minister Arun Jaitley and attended by Railway Minister Piyush Goyal and Defence Minister Nirmala Sitharaman. Financial Services Secretary Rajiv Kumar has commented that the banks' board will examine the proposal. This amalgamation is meant to increase banking operations.
Arun Jaitley has assured the employees of the two relatively smaller banks that no employee will face adverse service conditions as a consequence of the amalgamation. Vijaya Bank currently has 15,874 employees and Dena Bank 13,440. The amalgamated entity will have over 85,000 employees, across approximately 9,500 branches. The amalgamation exercise is likely to be completed in 4-6 months and the name of the combined entity will be decided later.
The key difference between a merger and an amalgamation is that a merger is a union of two or more enterprises whereby the assets and liabilities of one are vested in the other, with the effect that the former enterprise loses its identity. On the other hand, an amalgamation is a coming together of two-three corporate entities where the assets and liabilities of all of them are vested with a new entity, with the effect that all of them lose their identities to form a new entity.
This scheme involves no payment of money. Since the scheme involves three listed banks, all formalities such as open offer for minority shareholders will be complied with. There will be a swap ratio for the existing shareholders of these banks. After all the formalities, the number of public-sector banks in India will come down to 19 from 21.
BREAKING NEWS
TECHNO TRENDS
InterGlobe’s Rahul Bhatia and C.P. Gurnani together announce
In a move that is set to transform the AI landscape, Rahul Bhatia, Group M...
Download masked Aadhaar to improve privacy
Download a masked Aadhaar from UIDAI to improve privacy. Select masking w...
Sterlite Technologies' Rs 145 crore claim against BSNL rejecte
An arbitrator has rejected broadband technology company Sterlite Technolog...
ID-REDACT® ensures full compliance with the DPDP Act for Indi
Data Safeguard India Pvt Ltd, a wholly-owned subsidiary of Data Safeguard ...
E-Magazine
TECHNOTAINMENT
Salman Khan trolled for singing with B Praak at Anant Ambani's
To celebrate Mukesh Ambani's youngest son Anant Ambani’s 29th birthday
Disney+ Hotstar wins the Best OTT Platform of the year
Film Critics Guild and Group M Motion Entertainment, in collaboration with
MOVERS & SHAKERS
SISL elevates Ankita Wadhawan as CEO—End User Computing
The IT service provider, SISL in a LinkedIn post announced the elevation
InfoVision appoints Radhika Venkatraman to its Advisory Board
Global digital services company, InfoVision has announced the appointment
OPEN YOUR EYES
INTERVIEWS
Dell Technologies lives by its commitment of driving growth th
Dell believes in an agile approach to innovation that leverages the brighte
Kaspersky securing the digital landscape by offering enhanced
Kaspersky is a thought leader in cybersecurity that identifies threats by p
HOT PICK
Canon India Introduces 4K Remote PTZ Camera Controller & 4K In
Canon India, a leading company in digital imaging solutions, further solidi
Dell Technologies launches the new consumer and gaming portfol
Dell Technologies has unveiled its newest line of AI-enabled consumer PCs
MAKE IN INDIA BRANDS
HP INDIA SALES PVT. LTD.
SAMSUNG INDIA ELECTRONICS PVT. LTD.
IBALL WORLDWIDE PVT. LTD.
SAMRIDDHI AUTOMATIONS PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Technology Icons Of India 2023: Natarajan Chandrasekaran
Natarajan Chandrasekaran is the Chairman of the Board of Tata Sons, th...
Technology Icons Of India 2023: Shailender Kumar
Shailender Kumar is senior vice president and regional managing direct...
Technology Icons Of India 2023: Rishad Premji
Rishad Premji is the son of the Wipro head Azim Premji and was named a...
PARTNER SPEAKERS
PSU
ECIL continues to keep India ahead in the growth of Information Technology and Electronics
ECIL played a very significant role in the training and growth of high...
New defence PSUs will help India become self-reliant
MIL, India’s biggest manufacturer and market leader is engaged in Pr...
CERT-IN protecting the cyber security space of India
CERT-In serves in the area of cyber security threats like hacking and ...
VIDEOS
Top 25 Brands
Value-Added Distribution
IVALUE INFOSOLUTIONS PVT. LTD.
: iValue Info Solutions is a value added distributor, provides solutio...
WPG C&C COMPUTERS & PERIPHERALS PVT. LTD.
WPG C&C Computers & Peripherals (India) was incorporated in 2008 and ...
ACCERON INFOSOL PVT. LTD.
It is a leading value added distributor in the IT security space and h...
ITFORUM 2024
WIITF 2024
CMO of the Year
WOMEN LEADERSHIP
EMINENT CIO's OF INDIA
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
