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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EAM Jaishankar meets Jamaican PM, gifts over 10 BHISHM Cubes
Kingston (PTI): External Affairs Minister S Jaishankar on Monday met Jamaican Prime Minister Andrew Holness and discussed ways to further deepen "political, economic and people-to-people cooperation."
Jaishankar also conveyed greetings from Prime Minister Narendra Modi to Holness.
"Pleased to call on Prime Minister @AndrewHolnessJM in Kingston. Conveyed the greetings of PM @narendramodi," Jaishankar posted on X.
"Discussed deepening our political, economic and people-to-people cooperation. Value his commitment towards further strengthening India-Jamaica relations," the post further read.
Also, the external affairs minister handed over 10 BHISHM (Bharat Health Initiative for Sahyog Hita & Maitri) Cubes as a gift to Jamaica.
"Formally handed over 10 BHISHM Cubes as a gift from India to Jamaica, in the presence of PM @AndrewHolnessJM, Health Minister @christufton and FM @kaminajsmith," Jaishankar posted on X.
"The BHISHM Cube mobile hospital system, designed for rapid deployment, will help Jamaica during disasters and emergencies. The gift of these cubes is a statement of friendship, a commitment to disaster preparedness, and an outcome of innovation," the post said.
Jaishankar arrived in Kingston on Saturday evening, marking the first leg of his nine-day tour of Jamaica, Suriname, and Trinidad and Tobago, aimed at further strengthening India's strategic and cultural ties with the Caribbean nations.
Earlier in the day, he interacted with the Indian diaspora and discussed India's ongoing transformation in infrastructure, human development and technology-driven governance and entrepreneurship with them.
He also highlighted the cricket bond between both countries as India gifted a scoreboard to Jamaica.
A scoreboard was dedicated at Sabina Park in Kingston. It is the home of the Jamaica cricket team and is the only Test cricket ground in the Caribbean island nation.
The minister expressed hope that the new scoreboard would witness many memorable innings, including those symbolising the enduring friendship between the two countries.
Cricket has long been a strong cultural bridge between India and Jamaica, which is part of the West Indies cricket team.
Jamaican players, including Chris Gayle, Courtney Walsh and Michael Holding, have played a major role in shaping the legacy of West Indies cricket in the international arena, contributing to its dominance in earlier decades and its continued global appeal.
