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June 04, 2018

Merger of Bank of Baroda, IDBI Bank, Oriental Bank and Central Bank on the cards

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The government is planning to merge atleast 4 state-run banks, including Bank of Baroda (BoB), IDBI Bank Ltd, Oriental Bank of Commerce and Central Bank of India. If the plan goes through, the merged entity will become the second largest bank in the country after State Bank of India (SBI), with combined assets of Rs 16.58 trillion. The official statement about this will be released soon.

With the merger of state-run banks, the government hopes to help stem the rise in bad loans in their books at a time when poor asset quality has crippled the lending ability of some of them. The merger will also allow the weak banks to sell assets, reduce overheads and shut money-losing branches.

The four state-run banks that are being proposed to be merged are under pressure with combined losses of Rs 21,646.38 crore in the year ended 31 March.

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