Briefing reporters following the cabinet meeting, Law Minister Ravi Shankar Prasad said the merger will make the "transferee" Bank of Baroda the third largest bank in the country and a "globally competitive entity".
Services of state-owned banks are expected to be impacted on Wednesday due to a nation-wide strike call given by unions to protest against the proposed amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda.
Bank of Baroda is the transferee bank, while Vijaya Bank and Dena Bank are the transferor banks in the amalgamation process, it added.
The government last Monday announced the merger of three state-run banks -- Dena Bank, Vijaya Bank and Bank of Baroda -- that will make it the country's third-largest bank with a combined business of Rs 14.82 lakh crore.
The scrip of Bank of Baroda dived 16.03 per cent to end at Rs 113.45 on BSE. Shares of Vijaya Bank plunged 5.69 per cent to close at Rs 56.40.
Industry body Ficci termed the government's decision to merge three state-owned banks as a progressive move, noting that it signifies the government's commitment to strengthen the banking sector.
State-run Bank of Baroda today signed agreements with 10 companies promote micro and small business entrepreneurs
Most of the banks, including SBI, PNB and BoB, have already informed their customers that functioning of branches and offices will be impacted if the strike takes off.
Thieves dug a tunnel under the Navi Mumbai branch of Bank of Baroda, broke into 30 lockers and stole valuables worth Rs 5-6 crore, police said.
New Delhi: The Reserve Bank of India (RBI) has imposed a penalty of Rs 5 crore on Bank of Baroda (BoB) in connection with Rs 6,100-crore forex related irregularities which was unearthed last year. "The
After Bank of Baroda freezed the bank accounts of Pilibhit farmer Manmohan Singh for being the guarantor of the embattled liquor baron Vijay Mallya, the former has served a legal notice to the bank’s Mumbai and Pilibhit branches.
Mumbai: Global ratings agency Standard & Poor's today said the government's move to selectively capitalise state-run banks is a welcome step but may impact the growth of smaller lenders who have been left out."In our
New Delhi: The Appointments Committee of the Cabinet has approved appointment of executive directors to nine public sector banks filling up vacancies which had not been filled since a long time.Ravi Shankar Pandey, GM, Union
New Delhi: Government today scrapped the selection of six PSU bank heads during UPA tenure following a high-level panel finding irregularities in the process followed.The probe into the selections to banks like Bank of Baroda
New Delhi: State-run Bank of Baroda on Tuesday reported 12.48 percent rise in net profit at Rs 1,157.27 crore for the quarter ended March 31, 2014.The bank had reported a net profit of Rs 1,028.85
New York: Mukesh Ambani- led Reliance Industries leads the pack of 54 Indian companies in Forbes' annual list of the world s 2000 largest and most powerful public companies, with Chinese companies occupying the top
Mumbai: Two international rating agencies - Moody's and Fitch - have downgraded debt ratings of India's top three public-sector banks - State Bank of India, Bank of Baroda and Punjab National Bank - citing worsening
Phagwara (Punjab), Aug 2: Two bank officials were booked yesterday on charges of fraud and criminal conspiracy, police said here.The two officials of a local branch of Bank of Baroda have been booked based on
Mumbai, July 1: The rupee, which recorded its biggest single-day gain in three years on Friday, may recoup to 54-54.50 level against the dollar this week on the back of positive outcomes from Euro summit
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