Earlier finally month, the Union Cabinet had given an in-principle approving for choice machinery for PSU banks merger. The populace sector banks’ boards volition themselves determine the finally contours of the proposed amalgamation, in addition to volition in addition to thus essay approving from the GoM (Group of Ministers).
The proposed merger betwixt Vijaya Bank in addition to Dena Bank is beingness considered based on both the lenders complimenting each other on their geographical reach, equally Vijaya Bank has rigid presence inward southern India, spell Dena Bank is well-positioned inward Maharashtra in addition to neighbouring states.
Government of Republic of Republic of India holds 68.56% stake inward Dena Bank in addition to 70.33% stake inward Vijaya Bank (as on xxx June 2017). If the talks are successful in addition to the proposals instruct government’s nod, the merger could live on completed yesteryear halt of this fiscal.