• Monday, August 15, 2022

Business

India To Merge Three State Owned Banks to Form Third Largest Lender

Merger of India’s Three State Owned Banks to Form Third Largest Lender (Photo Credit: INDRANIL MUKHERJEE/AFP/Getty Images).

By: Radhakrishna N S

The Indian government has decided to merge three public sector banks including Vijaya Bank, Dena Bank, and Bank of Baroda to form country’s third-largest lender, said a top government official on Monday (17). The government’s move is expected to strengthen the banking system further in the country. The boards of three banks will hold an analysis on the merger proposal, said Rajeev Kumar, secretary, Department of Financial Services. The official added that India’s banking sector needs reforms and the government has focused to fulfill the capital requirements of all banks. The interest of the staff of the three banks will…

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