Centre proposes merger of Dena Bank, Vijaya Bank, Bank of Baroda
New Delhi, Sep 17 : The government on Monday proposed the merger of three state-run banks - Dena Bank, Vijaya Bank and the Bank of Baroda - into an amalgamated entity and has directed their respective boards to consider the proposal, Finance Minister Arun Jaitley announced. This is the second such exercise in the last 18 months
"The Alternative Mechanism made the decision today and it has been proposed to the individual bank boards to take a decision. Boards would meet and after consultation take appropriate action," Jaitley said.
"This will hopefully create another mega bank which will be sustainable. The amalgamated entity would increase banking operations and its ability to go for further consolidation."
In the previous such mega merger, five associate banks and the Bharatiya Mahila Bank became part of the state-run State Bank of India on April 1, 2017, making the country's largest lender among the world's top 50 banks.
Besides the Finance Minister, the Alternative Mechanism includes Defence Minister Nirmala Sitharaman and Railway Minister Piyush Goyal.
Noting that one of the banks proposed in this merger was under the Reserve Bank of India's Prompt Corrective Action (PCA) framework on account of its massive accumulated non-performing assets (NPAs), or bad loans, Jaitley said: "The consolidated entity's capacity to absordb a weaker bank guided our decision to propose this merger to the boards."
"No employee would face adverse service conditions due to the merger," he added.
According to Finance Ministry officials here, the proposed merger would lead to the creation of the country's third largest banking entity in the country.
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Two held in UP's Bijnor for contact with Pakistan linked Dubai handler
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Bijnor (PTI): Two men were arrested in this Uttar Pradesh district on Friday for allegedly being in touch with a Pakistan-linked handler based in Dubai, police said.
Circle Officer, Najibabad, Anjani Kumar Chaturvedi said Uvaid Malik and Jalal Haider were arrested following inputs on their alleged links with Aqib, a resident of Meerut currently staying in Dubai.
According to police, Aqib had earlier come into the spotlight after a video surfaced on Instagram purportedly showing him displaying an AK-47 rifle and explosives.
During interrogation, the arrested men allegedly told police that Aqib used to incite youngsters against Hindus and encourage anti-national activities, the officer said, adding that detailed questioning of the accused is underway.
On April 6, Superintendent of Police (SP) Abhishek Jha said the video first surfaced in November last year. Aqib, a native of Sathla village in the Mawana area of Meerut, was allegedly seen in the video brandishing weapons.
Following the viral clip, a case was registered at the Nangal police station by sub-inspector Vinod Kumar. However, the then station house officer and investigating officer Satyendra Singh had recorded Aqib's statement and filed a final report, stating that the weapons seen in the video were toys, effectively giving him a clean chit.
Police said fresh developments have now revealed Aqib's suspicious links and the probe has been handed over to the Anti-Terrorist Squad (ATS).
The SP said action has been taken against the officials concerned, with the then SHO and investigating officer suspended and Circle Officer Nitesh Pratap Singh removed from his post.
