Dena Bank board okays merger with Bank of Baroda, Vijaya Bank
Mumbai, Sep 24 : The Dena Bank board on Monday approved the merger proposal with Bank of Baroda and Vijaya Bank proposed by the government last week.
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.
In a stock exchange filing, Dena Bank, the smallest of the three banks proposed to be merged, said the consolidation would enable creation of a bank with business scale comparable to global banks and capable of competing effectively in India and globally.
Dena Bank has a total business size of Rs 1.73 lakh crore and is also under the Prompt Corrective Action (PCA) framework of the Reserve Bank of India (RBI) on account of its high non-performing assets (NPAs), or bad loans, which for the Indian banking system as a whole have crossed the staggering level of Rs 10 lakh crore.
"To be more efficient in the changing environment, the banks in the public sector space need to be bigger to meet the credit needs of a growing economy, absorb shocks and have the capacity to raise resources without depending unduly on the exchequer.
"Consolidation would enable creation of a bank with business scale comparable to global banks and capable of competing effectively in India and globally," the filing said.
"Amalgamation of our Bank with Bank of Baroda and Vijaya Bank would result in a strong amalgamated bank, equipped with financial cushion to deal with post-amalgamation requirements during the stabilisation phase."
While making the merger proposal last week, Finance Minister Arun Jailtey said the consolidated entity's capacity to absorb a weaker bank guided the decision "to propose this merger to the boards".
The government said the amalgamated entity will have a net NPA ratio at 5.71 per cent, which is significantly better than the public sector banks' (PSBs) average of 12.13 per cent, and declining further.
"The combined business of amalgamated entities would make it second-largest PSB of the country," Dena Bank said.
This is the second such exercise in the last 18 months. In the previous 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.
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MP minister's veiled remark on Col Sofia Qureshi sparks major row; he apologises, Cong seeks ouster
Bhopal/Indore, May 13 (PTI): Madhya Pradesh Minister and BJP leader Vijay Shah has sparked a major controversy with objectionable comments that appeared to be directed at Col Sofia Qureshi, whom he tried to project as a "sister of terrorists."
Under severe flak, Shah said if anyone is hurt by his statement, he is ready to apologise ten times, adding that he respects Colonel Qureshi more than his sister.
The Congress has appealed to Prime Minister Narendra Modi to sack Shah from the Madhya Pradesh cabinet.
Colonel Qureshi had conducted regular press briefings, sharing details of the 'Operation Sindoor' launched by Indian armed forces to strike terrorists, joined by Foreign Secretary Vikram Misri and Wing Commander Vyomika Singh.
"Those people (terrorists) who had wiped out the sindoor (vermilion) of our sisters (in the Pahalgam terror attack)..We avenged these 'kate-pite' people by sending their sister to destroy them," Shah said.
"They (terrorists) killed our Hindu brothers by making them remove their clothes. PM Modi ji responded by sending their (terrorists') sister in an Army plane to strike them in their houses. They (terrorists) made our sisters widows, so Modiji sent the sister of their community to strip them and teach them a lesson", the BJP leader said while addressing a gathering in Ramkunda village near Indore.
He said, "Revenge was taken for the honour of our country (India), respect, and for the (slain) husbands of our sisters by sending a sister from your (terrorists') community to Pakistan".
The tribal welfare minister clarified that his remarks should not be construed otherwise.
Shah's remarks drew wide-scale condemnation, with Congress demanding his immediate dismissal from the MP cabinet.
Congress President Mallikarjun Kharge said Shah, who made 'derogatory' remarks in reference to Colonel Sofia Qureshi, should be dismissed immediately.
"A minister of the BJP government of Madhya Pradesh has made a very derogatory, shameful and cheap remark about our brave daughter Colonel Sofia Qureshi. The terrorists of Pahalgam wanted to divide the country, but the country was united during the entire 'Operation Sindoor' to give a befitting reply to the terrorists," Kharge posted on X.
He alleged that the BJP-RSS harbours an anti-women mentality.
"First, the wife of the naval officer martyred in Pahalgam was trolled on social media, then the daughter of Foreign Secretary Vikram Misri was harassed, and now the BJP ministers are making such indecent comments about our brave woman Sophia Qureshi," Kharge said and appealed to PM Modi to immediately sack Shah.
Madhya Pradesh Congress president Jitu Patwari shared the video of Shah on X and asked whether the BJP agrees with the minister's "low thinking"?
The MP Congress Committee alleged that Shah's "indecent' and hate-filled" statement is not just a personal attack, but an open attack on India's military dignity, national unity, and women's honour.
Amid the raging controversy, the BJP's Madhya Pradesh general secretary Hitanand Sharma summoned Shah to the state headquarters in Bhopal.
According to sources, Sharma reprimanded the minister, who also met the state BJP president, Vishnu Dutt Sharma.
Speaking to reporters, Shah sought to attribute the intemperate remarks to his "disturbed" state of mind in view of the brutal killing of innocent people in Pahalgam by terrorists.
He claimed many members of his family have a military background and many were martyred.
"Sister Sophia has brought glory to India by rising above caste and religion. She is more respected than our own sister. I salute her for her service to the nation.
"We cannot even think of insulting her in our dreams. Still, if my words have hurt society and religion, then I am ready to apologise ten times,'' he added.
Meanwhile, Congress leader Manoj Shukla and the party workers blackened the nameplate of Shah at his bungalow and raised slogans seeking his resignation.
'हमारी सेना की जांबाज बेटियां आतंकवादियों की बहन हैं'
— Congress (@INCIndia) May 13, 2025
- ये घटिया बात मध्य प्रदेश में BJP सरकार के मंत्री विजय शाह ने कही है।
भारत की जिन बेटियों पर सबको नाज है, उन बेटियों को लेकर ये शर्मनाक बयान दिया गया है। उन्हें आतंकवादियों की बहन बताया गया है।
ये हमारी पराक्रमी सेना का… pic.twitter.com/y591M3ky8G
