• Wednesday, August 10, 2022

Business

India to merge three state-owned banks to tackle bad loans

By: Sarwar Alam

India plans to merge state-run Bank of Baroda, Dena Bank and Vijaya Bank, the financial services secretary said on Monday (17), as part of efforts to tackle a pile of bad loans plaguing the banking sector and revive credit growth. The government will continue to provide capital support to the merged bank, which is expected to be India’s third largest with assets of 14.82 trillion rupees ($204 billion), Rajeev Kumar told reporters. “It is a major economic, commercial decision,” finance minister Arun Jaitley added. Banking sector reforms are a major plank of prime minister Narendra Modi’s administration to revive lending,…

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