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Mumbai, May 25 () State-owned Bank of Baroda on Monday said it has completed IT integration of 132 branches of erstwhile Vijaya Bank. In a first three-way amalgamation, Vijaya Bank and Dena Bank were merged with Bank of Baroda on April 1, 2019. As part of the process, 2,135 branches of Vijaya Bank and 1,777 branches of Dena Bank merged with BoB. The bank had earlier completed IT integration or migration of 20 branches of Vijaya Bank. "We took an incremental approach for migration. As a test case, we first migrated one branch of Vijaya Bank and then 10 branches. Earlier this month, we migrated another set of 10 branches, and this weekend we migrated 132 branches," the bank's chief technology officer Sharad Saxena said. All these 152 branches of erstwhile Vijaya Bank are now running on Finacle 10, the same IT platform which BoB is using, he said. Before the migration process started, all the payment channels such as ATMs, NEFT, RTGS and IMPS, UPI, of Vijaya Bank and Dena Bank were integrated with BoB. Saxena said once payment systems were integrated, the process of migration began starting with branches of Vijaya Bank. The bank plans to complete IT integration of the balance 1,983 branches of Vijaya Bank by September-October this year. Saxena said IT integration of Dena Bank will start from next month and is likely to be completed by end-December or January 2021. HV BAL BAL

Bank of Baroda completes IT integration with 132 branches of erstwhile Vijaya Bank

<ul><li>Tesla CEO <keyword id="6355315" type="General" weightage="50" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> has finally taken over as Twitter boss and his first job was to reportedly fire Indian-origin CEO Parag <keyword id="12857" type="General" weightage="80" keywordseo="agrawal" source="Orion">Agrawal</keyword>, Chief Financial Officer Ned <keyword id="3890570" type="General" weightage="80" keywordseo="segal" source="Orion">Segal</keyword>, the company's policy chief <keyword id="1847505" type="General" weightage="50" keywordseo="vijaya-gadde" source="Orion">Vijaya Gadde</keyword> and others.</li><li>According to media reports, Agrawal and Segal have left the company's San Francisco headquarters and will not be returning.</li><li>The executives <keyword id="364027" type="General" weightage="100" keywordseo="musk" source="Orion">Musk</keyword> fired have received handsome payouts.</li></ul>Tesla CEO Elon Musk has finally taken over as Twitter boss and his first job was to reportedly fire Indian-origin CEO Parag Agrawal, Chief Financial Officer Ned Segal, the company's policy chief Vijaya Gadde and others. According to a CNBC report citing sources on Friday, Agrawal and Segal have left the company's San Francisco headquarters and will not be returning. Gadde, the head of legal policy, trust, and safety was also fired, The Washington Post reported. Sean Edgett, Twitter's general counsel, and chief customer officer Sarah Personette were also fired by Musk, reports Insider. The executives Musk fired have received handsome payouts. Agrawal received $38.7 million, Segal got $25.4 million, Gadde got $12.5 million, and Personette received $11.2 million, according to Insider. Musk's entrepreneur friend Jason Calacanis said: "Day zero. Sharpen your blades boys." "Seems like the twitter servers are still up and running!" Calacanis added. "Twitter CEO is my dream job," he had told Musk earlier. Musk on Thursday told advertisers why he is finally acquiring Twitter, telling them that he wants the platform to be the most respected advertising platform in the world where users can see movies or play video games, ranging from all ages to mature. In a letter to advertisers, he said that Twitter cannot become a free-for-all hellscape, where anything can be said with no consequences. "In addition to adhering to the laws of the land, our platform must be warm and welcoming to all, where you can choose your desired experience according to your preferences, just as you can choose, for example, to see movies or play video games ranging from all ages to mature," Musk wrote to his more than 110 million followers. He said that the reason he acquired Twitter is because "it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence". He visited Twitter headquarters in San Francisco on Wednesday, with a kitchen sink in his hands. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/amid-startup-funding-crunch-udaan-raises-120-million-and-plans-ipo-after-a-year/articleshow/95122956.cms">Amid startup funding crunch, Udaan raises $120 million and plans IPO after a year</a> <a href="https://www.businessinsider.in/business/corporates/news/q2-corporate-earnings-report-banks-perform-well-moderate-growth-in-fmcg-auto/articleshow/95120418.cms">Q2 corporate earnings report: Banks perform well, moderate growth in FMCG, auto</a> <a href="https://www.businessinsider.in/sports/news/historic-decision-red-letter-day-bccis-pay-equity-decision-wins-hearts-of-smriti-irani-sachin-tendulkar-mithali-raj-and-more/articleshow/95125167.cms">Historic decision, red-letter day – BCCI’s pay equity decision wins hearts of Smriti Irani, Sachin Tendulkar, Mithali Raj and more</a>

Musk is now Twitter boss, fires Indian-origin CEO Agrawal, other top execs

<ul><li>The company is likely to announce its share allotment status on September 8.</li><li>The IPO of the diagnostics lab chain Vijaya Diagnostic was subscribed 4.54 times on the last day of bidding.</li><li>Investors have bid for 11.36 crore shares against the 2.50 crore shares on offer.</li></ul>Diagnostics lab chain Vijaya Diagnostic is likely to announce the allotment of its initial public offering (IPO) status on September 8. The IPO was open for subscription between September 1 and September 3. Vijaya Diagnostic is looking to raise ₹1,895 crore through an entire offer for sale (OFS) from existing promoters with 3.56 crore equity shares. The IPO has received good response from investors, especially from qualified institutional buyers and non-institutional investors. The portion for qualified institutional investors was subscribed 13.07 times while the non-institutional investor category received a bid for 1.32 times. Overall, the investors have bid for 11.36 crore shares against the 2.50 crore shares on offer. The company has a strong presence in southern India in the states of Andhra Pradesh and Telangana and now looks to expand in some eastern states primarily through acquisition. “We are a debt-free company and due to our strong margin we also have liquidity on the balance sheet. We have built up a ₹250 crore cash on the book so priority is to use that corpus for the growth of the business. So we are definitely open for acquisition opportunities in any markets of interest,” said Sunil Chandra Kondapally, executive director at Vijaya Diagnostic in an interview with Business Insider. Here is how to check <keyword id="12039977" type="General" weightage="20" keywordseo="vijaya-diagnostic-ipo-allotment" source="Orion">Vijaya Diagnostic IPO allotment</keyword> status on stock exchange website: <ul><li>Go to the <a href="https://www.bseindia.com/investors/appli_check.aspx">BSE website</a> or NSE website<a href="https://www1.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp"> here</a>.</li><li>On BSE, Select 'Equity' and then from the dropdown, select 'Vijaya Diagnostic.</li><li>Now, enter your application number and PAN.</li><li>Click on 'Search'.</li><li>Please note the details will only be available once the shares are allotted.</li></ul>You can also visit the registrar website (Link Intime India) to check your application status. <ul><li>Visit the registrar's website <a href="https://linkintime.co.in/MIPO/Ipoallotment.html">here</a>.</li><li>Click on 'Select company' and click on 'Vijaya Diagnostic’.</li><li>Once the company is selected, you will have to enter either your PAN detail, the application number, or the client ID.</li><li>Enter the captcha and click ’submit’.</li></ul>Once you hit 'submit', the status of your application will appear on the screen. Please ensure the details that you provide are correct. It will show the number of shares you subscribed to and the number of shares allotted to you. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/axis-bank-announces-new-policies-and-practices-for-its-customers/articleshow/85978495.cms">Axis Bank announces new policies and practices for its customers and employees belonging to the LGBTQ community</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/real-estate-company-stocks-become-multibaggers-while-analysts-see-further-strong-upside/articleshow/85976693.cms">Sobha, Mahindra Lifespace become multibaggers in 2021 as analysts see strong upside in realty space</a>

Here’s how to check Vijaya Diagnostic IPO allotment status, listing date and more

<ul><li>The diagnostic lab chain sees weak response from investors on the second day of the IPO bidding as well.</li><li><keyword id="11949917" type="General" weightage="20" keywordseo="vijaya-diagnostic-ipo" source="Orion">Vijaya Diagnostic IPO</keyword> was subscribed 0.47 times on September 2.</li><li>Analysts recommend subscribing to the stock for the long term relying on the company’s strong presence in south India.</li></ul>Vijaya Diagnostic gets weak response from investors on the second day of its initial public offering (IPO) as well. The portion reserved for institutional investors was subscribed 0.32 times while that for retail investors was subscribed 0.74 times. Overall, Vijaya Diagnostic’s IPO was subscribed 0.47 times. The IPO received bids for 1.81 crore equity shares as against the issue size of 2.50 crore equity shares. The grey market premium for the IPO was also not very exciting as it indicates ₹15-₹20 premium. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Issue details </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Price band </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹522 to ₹531 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO open date </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 1 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO close date </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 3 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Allotment date </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 8 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Initiation of refunds </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 9 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Credit of shares to demat account </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 13 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO listing date </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 14 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Minimum lot </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">28 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Analysts advise investors to subscribe to the IPO given the chain’s strong footing in south India. “The company is cash rich and does not require any further capital for growth,” said Ventura Securities while recommending to ‘subscribe’ to the IPO for long-term investing with a price target of ₹672, indicating an upside of 27% over the next 24 months. The firm has ₹250 crore cash on its books, Sunil Chandra Kondapally, executive director at Vijaya Diagnostic, <a href="https://www.businessinsider.in/stock-market/news/ipo-bound-vijaya-diagnostics-is-planning-more-acquisitions-in-east-india/articleshow/85755911.cms">told Business Insider</a>. The company offers a “one-stop solution” for pathology and radiology testing services through its 80 diagnostic centres and 11 reference laboratories i.e. labs that perform routine and speciality tests in high volume, across 13 cities and towns in the states of Telangana and Andhra Pradesh. The company claims it has a 7% market share in the two states with an estimated market size of ₹5,100 crore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ami-organics-ipo-oversubscribed-on-the-first-day-of-bidding/articleshow/85832973.cms"></a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indusind-bank-complaint-leads-to-the-arrest-of-ceo-and-cfo-of-karvy-broking/articleshow/85868059.cms">IndusInd Bank complaint leads to the arrest of CEO and CFO of Karvy Broking</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/doge-meme-nft-is-being-auctioned-off-in-17-billion-pieces/articleshow/85833023.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/amazon-to-hire-8000-direct-workforce-across-35-cities-in-india-this-year/articleshow/85867399.cms">Amazon to hire 8,000 direct workforce across 35 cities in India this year</a>

Vijaya Diagnostic IPO sees tepid response on the second day of bidding

(Image source- Reuters) <ul><li>The members of nine bank unions are all set to stage a <keyword id="6358138" type="PERSON" weightage="20" keywordseo="Strike">strike</keyword> on 26 December as part of a nationwide protest against the Indian government’s decision to merge <keyword id="6368859" type="COMPANY" weightage="20" keywordseo="vijaya-bank">Vijaya Bank</keyword> and <keyword id="6359442" type="COMPANY" weightage="20" keywordseo="dena-bank">Dena Bank</keyword> with the <keyword id="6358007" type="DOMAIN" weightage="20" keywordseo="bank-of-baroda">Bank of Baroda</keyword>. </li><li>As a result, banking services at a number of public-sector banks will be affected, which includes ATM operations and cheque clearances. </li><li>The strike has been called by the United Forum of Bank Unions (UFBU) and will involve the participation of around 1 million bank employees. </li><li>It comes in addition to a strike coordinated by the <keyword id="723485" type="ORGANIZATION" weightage="20" keywordseo="All-India-Bank-Officers-Confederation">All India Bank Officers' Confederation</keyword> (AIBOC), which falls under the UFBU, in the last few days in pursuit of higher <keyword id="6356975" type="UNKNOWN" weightage="20" keywordseo="wages">wages</keyword> for bank employees. </li></ul>The members of nine bank unions are all set to stage a strike on 26 December as part of a nationwide protest against the Indian government’s decision to <a href="https://www.businessinsider.in/indias-government-is-merging-three-state-owned-lenders-to-create-one-of-the-countrys-largest-banks/articleshow/65853052.cms">merge three state-owned lenders</a> - Bank of Baroda, Vijaya Bank and Dena Bank. As a result, banking services at a number of public-sector banks will be affected including ATM operations and cheque clearances. Despite the participation of the employees of some private banks, the operations of private banks are expected to continue as normal. The strike has been called by the United Forum of Bank Unions (UFBU), an umbrella organisation for India’s nine major bank unions, and will involve the participation of around 1 million bank employees. It comes in addition to a strike coordinated by the All India Bank Officers' Confederation (AIBOC), which falls under the UFBU, in the last few days in pursuit of higher wages for bank employees. The government decided to merge the mammoth Bank of Baroda with the smaller regional players Dena Bank and Vijaya Bank in September 2018. While the reasons for the move were manifold, it was mostly aimed at creating a larger bank with a strong capital buffers and helping Dena Bank, which has a non-performing ratio of over 11%, improve its balance sheet and be taken off the central bank’s Prompt Corrective Action watchlist. The merged entity will become the third-largest bank in India and have nearly 9,500 branches. While the decision has been welcomed in some circles, it has largely been opposed by the employees of these banks. This is mostly due to the fact that the <keyword id="42411" type="PERSON" weightage="20" keywordseo="Merger">merger</keyword> is expected to result in a number of job cuts, especially since overlapping departments will be trimmed down to size, and the closure of branches that are in close proximity to one another. It could also provide further room for private banks to muscle in on the market share of public-sector banks. Separately, the Indian Banks Association (IBA), an industry lobby, has been engaged in negotiations with unions since November last year over a possible wage revision. A lack of progress led to <a href="https://www.businessinsider.in/nearly-1-million-bank-employees-in-india-are-set-to-go-on-strike-this-week/articleshow/64366473.cms">a nationwide strike</a> by employees at the end of May 2018. The IBA upped its revision proposal from 2% to <a href="https://www.business-standard.com/article/economy-policy/indian-banks-association-offers-6-wage-hike-unions-reject-the-offer-118073100058_1.html">6%</a> at the end of July, but this was rejected as employees were expecting a raise along the lines of the 15% hike received in February 2015 during the last wage revision discussions. The IBA subsequently hiked its offer to 8%, which was <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/bank-unions-reject-ibas-8-wage-hike-offer/articleshow/66891829.cms">rejected by unions</a> on 1 December. The nationwide strike by the bank unions is expected to lead to a higher wage offer, although the IBA won’t have much space to maneuver since public-sector banks are burdened with a lion’s share of the country’s bad loans. A higher wage hike proposal could offset the discomfort caused by the merger of the three public-sector lenders, which is expected to be completed early next year following the approval of the <a href="https://www.thehindubusinessline.com/money-and-banking/finmins-alternative-mechanism-gives-nod-for-bob-dena-vijaya-bank-merger/article25798898.ece">scheme of amalgamation</a> last week. SEE ALSO: <a href="https://www.businessinsider.in/indias-government-is-merging-three-state-owned-lenders-to-create-one-of-the-countrys-largest-banks/articleshow/65853052.cms">India’s government is merging three state-owned lenders to create one of the country’s largest banks</a> <a href="https://www.businessinsider.in/nearly-1-million-bank-employees-in-india-are-set-to-go-on-strike-this-week/articleshow/64366473.cms">Nearly 1 million bank employees in India are set to go on strike this week</a>

A number of unions in India are protesting against the government’s decision to merge three state-owned banks

<ul><li>On September 17th, Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> proposed the consolidation of <keyword id="6358007" type="DOMAIN" weightage="20" keywordseo="bank-of-baroda">Bank of Baroda</keyword> (BoB), <keyword id="6368859" type="DOMAIN" weightage="20" keywordseo="vijaya-bank">Vijaya Bank</keyword> and <keyword id="363392" type="DOMAIN" weightage="20" keywordseo="Dena">Dena</keyword> Bank.</li><li>The merged entity will become the third-largest bank in India and have nearly 9,500 branches.</li><li>Given its status as the weakest bank, Dena Bank is expected to benefit the most of the <keyword id="42411" type="PERSON" weightage="20" keywordseo="Merger">merger</keyword>. Its NPA ratio is more than double that of the other two banks. </li></ul> The problems plaguing India’s public sector banks are well known. In addition to poor governance, their balance sheets are disproportionately burdened with bad loans when compared to their private sector counterparts. The smaller, weaker ones are unable to compete in a crowded market and require fresh infusions of capital. The Modi administration’s approach to the problem has been to merge small state-owned banks with their larger peers. In early 2017, plans for <keyword id="6354731" type="DOMAIN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI), India’s largest bank, to absorb five associate banks got underway. And now, 18 months hence, the Indian government is planning another merger. On September 17th, Finance Minister Arun Jaitley proposed the consolidation of two relatively well-capitalised banks - Bank of Baroda (BoB), Vijaya Bank - with Dena Bank, a struggling lender faced with credit limits as a result of being placed on the RBI’s Prompt Corrective Action (PCA) framework. The merged entity will become the third-largest bank in India and have nearly 9,500 branches. Bank of Baroda is the largest of the bunch with ₹10.3 trillion of total business, while Vijaya and Dena have ₹2.8 trillion and ₹1.8 trillion of business, respectively. Dena to benefit the most Given its status as the weakest bank, Dena Bank is expected to benefit the most of the merger. It has a <keyword id="463915" type="PERSON" weightage="20" keywordseo="non-performing-asset">non-performing asset</keyword> (NPA) ratio of a little over 11% - which means that 11% of all the entries in its loan book have gone bad - while BoB and Vijaya have a NPA ratio of 5.4% and 4.1%, respectively. Once merged, the bank will have a combined NPA ratio of 5.7%. Jaitley said that the government was making a conscious decision not to merge the operations of weak lenders. Rather, the merger of two strong banks and one weak bank seemed to be a more viable option, keeping in the mind the long-term sustainability of the merged entity and the potential for expansion. Bank of Baroda has a considerable national footprint, while both Dena and Vijaya have a strong presence in their respective regions of Maharashtra and Karnataka, especially in the small-and-medium enterprises (SME) segment. While bankers have lauded the move, the success of the consolidation strategy isn’t guaranteed yet. SBI has seen its performance decline following the merger with the associate banks. However, while the adjustment and integration process may prove a drag in the short term, the three banks mentioned above all have strengths that can be capitalised upon and overlapping cost centres that can be excised. Now what? The respective boards of each bank will now vote on the merger and if approved, will commence preparations on a plan for the amalgamation of the three entities and decide on a share-swap ratio. The merger plan will then need to be approved by the Indian Parliament. Since the government is a majority owner in all three banks, it seems more likely than not that the merger will be approved. The entire process is expected to take six months. Once the merger is completed, there will be only nine public-sector banks left on the PCA watchlist.

India’s government is merging three state-owned lenders to create one of the country’s largest banks

New Delhi, Mar 17 () Indian Bank will issue 115 shares for every 1,000 shares of Allahabad Bank for merging the latter with itself, according to an exchange filing. As per the fair equity share exchange ratio approved by the board of directors of the bank, 115 equity share of Indian Bank are to be exchanged for every 1,000 shares of Allahabad Bank, Indian Bank said in a regulatory filing.In a separate filing, Union Bank said it has set March 23, 2020, as the record date for issuing and allotting equity shares of Union Bank of India to the shareholders of Andhra Bank and Corporation Bank.In the biggest consolidation exercise in the banking space, the government in August 2019 had announced four mega mergers of public sector banks, bringing down their total number to 12 from 27 in 2017, a move aimed at making state-owned lenders global sized banks.As per this plan, United Bank of India and Oriental Bank of Commerce will be merged with Punjab National Bank; Syndicate Bank will be merged with Canara Bank; Allahabad Bank will be amalgamated with Indian Bank; and Andhra Bank and Corporation Bank will be consolidated with Union Bank of India.Last year, Dena Bank and Vijaya Bank were merged with Bank of Baroda. Prior to this, the government had merged five associate banks of SBI and Bharatiya Mahila Bank with the State Bank of India. KPM MRMR

Indian Bank board approves share swap for Allahabad Bank merger

New Delhi, Apr 1 () The biggest-ever consolidation exercise in the public sector banking space effected on Wednesday will mark a new dawn for the Indian banking sector, the Finance Ministry said on Wednesday. Six public sector banks (PSBs) namely Oriental Bank of Commerce, United Bank of India, Syndicate Bank, Andhra Bank, Corporation Bank and Allahabad Bank lost their individual identity as they were merged into four bigger lenders with the objective to make them globally competitive. "PSBs' amalgamation today will mark a new dawn for #IndianBanking. Bigger &amp; stronger PSBs to to offer faster loan processing, banking @ home, need-driven credit &amp; specialized products for customers," the Department of Financial Services, which comes under the Ministry of Finance, said in a tweet. The exercise assumed significance as it took place at a time when the entire country is under the grip of the COVID-19 outbreak, which has triggered a 21-day nation-wide lockdown. Earlier in the day, Punjab National Bank said all nation-wide branches of United Bank of India and Oriental Bank of Commerce has started functioning as PNB branches. The merger has created the second largest nationalised bank of the country - both in terms of business and branch network after the State Bank of India (SBI). The amalgamated bank will have a wider geographical reach through 11,000 plus branches, more than 13,000 ATMs, one lakh employees and a business mix of over Rs 18 lakh crore. "The bigger geographical footprint will help us serve our customers more effectively and efficiently," said PNB managing director S S Mallikarjuna Rao said. Experts were of the opinion that merger at this point of time will not be very smooth and seamless. However, heads of the anchor banks exuded confidence. "We don't foresee any problem it is going as per the plan. We have reviewed in the light of this situation also. Certain modification in implementation we have done so that there is no disruption for employees and customers. We are ensuring zero disruption," Union Bank of India Managing Director Rajkiran Rai G told . The four anchor banks -- PNB, Canara Bank, Union Bank and Indian Bank -- are postponing some part of the implementation and processes due to the lockdown. "For merging banks, we have not changed some of the process like loan process etc, which we proposed to do earlier. However, because of the prevailing situation, we will be continuing old system till the situation comes under control," he said. With the merger, the bank looking at more than Rs 2,500 crore of synergy benefits in the next three years, he added. As per the mega consolidation plan announced in August last year, Oriental Bank of Commerce and United Bank of India is merged into Punjab National Bank (PNB); Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank. Following the consolidation, there will be now seven large public sector banks (PSBs), and five smaller ones. There were as many as 27 PSBs in 2017. The total number of public sector banks in the country has come down to 12. The merger has resulted in the creation of seven large PSBs with scale and national reach, with each amalgamated entity having business of over Rs 8 lakh crore. These banks now have scale comparable to global banks and capable of competing effectively in India and globally. In addition, the consolidation is expected to provide impetus to the merged entities by increasing their ability to support larger ticket-size lending and have competitive operations by virtue of greater financial capacity. Last year, Dena Bank and Vijaya Bank were merged with Bank of Baroda. Prior to this, the government had merged five associate banks of SBI and Bharatiya Mahila Bank with the public sector bank. These were State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad effective April 2017. DP MKJMKJ

Mega bank merger marks new dawn for Indian banking space: FinMin

The <keyword id="6354889" type="ORGANIZATION" weightage="80" keywordseo="Central-Bureau-of-Investigation">Central Bureau of Investigation</keyword> (CBI) has registered a preliminary inquiry against unknown officials of <keyword id="6367820" type="COMPANY" weightage="40" keywordseo="Adani-Group">Adani Group</keyword> in an alleged over-invoicing fraud of Rs 2,300 crore. The group is owned by billionaire <keyword id="111343" type="PERSON" weightage="40" keywordseo="Gautam-Adani">Gautam Adani</keyword>. 
 The inquiry was registered by the CBI last month in the wake of allegations that the three firms — Adani Power Maharashtra, Adani Power Rajasthan and Maharashtra Eastern Grid Power Transmission Company — availed various credit facilities from <keyword id="6355548" type="ORGANIZATION" weightage="40" keywordseo="Public-Sector-Banks">public sector banks</keyword> for procuring power generation and transmission equipment from vendors in China and <keyword id="5565" type="COUNTRY" weightage="40" keywordseo="South-Korea">South Korea</keyword> through a UAE-based intermediary by overvaluing the original price. 
 
According to a top CBI official, "The documents were routed through Electrogen Infra, the UAE intermediary. While actual worth of the equipment was remitted to the supplier, the inflated extra amount was siphoned off." 
 The group has availed credit facilities from State Bank of India, <keyword id="62034" type="CITY" weightage="40" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword>, Vijaya Bank, Oriental Bank of Commerce, <keyword id="6357132" type="CITY" weightage="40" keywordseo="Canara-Bank">Canara Bank</keyword> and <keyword id="2443840" type="UNKNOWN" weightage="40" keywordseo="State-Bank-of-Maharashtra">State Bank of Maharashtra</keyword>, said the CBI. The investigating agency is also probing the involvement of bank officials. 
 
The CBI may soon start questioning company officials and banks involved to probe if there was a criminal conspiracy and loss to the exchequer. It is also likely to seek documents of the financial transactions between the banks and the companies.

​CBI Registers Preliminary Inquiry Against Adani Group

(Eds: Adding more info) New Delhi, Mar 31 () The biggest ever consolidation exercise in the public sector banking space is slated to take shape on Wednesday when six PSU lender will be merged into four in a bid to make them globally competitive.The exercise assumes significance as it is taking place at a time when the entire country is under the grip of COVID-19 outbreak. It has triggered 21-day lockdown to contain the spread of the deadly virus.Experts said merger at this point of time will not be very smooth and seamless. However, heads of the anchor banks are exuding confidence."We don't foresee any problem it is going as per the plan. We have reviewed in the light of this situation also. Certain modification in implementation. We have done so that there is not any disruption for employees and customers. We are ensuring zero disruption," Union Bank of India Managing Director Rajkiran Rai G told .The four anchor banks -- PNB, Canara Bank, Union Bank and Indian Bank -- are postponing some part of the implementation and processes due to the lockdown."For merging banks, we have not changed some of the process like loan process etc, which we proposed to do earlier. However, because of the prevailing situation we will be continuing old system till the situation comes under control," he said.With the merger, the bank looking at more than Rs 2,500 crore of synergy benefits in the next three years, he added.As per the mega consolidation plan, Oriental Bank of Commerce and United Bank of India will merge into Punjab National Bank (PNB); Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank.Following the consolidation, there will be seven large public sector banks (PSBs), and five smaller ones.There were as many as 27 PSBs in 2017. The total number of public sector banks in the country will come down from 18 to 12 beginning next financial year.Speaking on preparedness, Indian Bank MD Padmaja Chunduru said harmonisation of products -- both on the loan and deposit sides -- has been completed and the same products will be offered to all customers.She also said all the deposit and loan products, including access to Indian Bank's emergency credit lines launched in the wake of Covid-19 would be made available to the customers of Allahabad Bank."We have focused all our resources on the important things that matter for day one -- treasury integration has happened and IT integration to the extent of product harmonization and rolling out of the same products has happened," she said.She expects the entire IT integration to be completed by December 2020.Following this merger, PNB will become second largest after the State Bank of India (SBI), Canara Bank fourth, Union Bank of India fifth and Indian Bank seventh biggest public sector lender.Commenting on the consolidation, Canara Bank MD L V Prabhakar said, "We are delighted that following the amalgamation as a single legal entity, we will become a powerful banking institution that is globally competitive and efficient working towards providing differentiated customer experience excellence across all our products and services".The combined entity will be large but with an unchanged approach to grass-root banking, customer delight, and satisfaction, Prabhakar said.The merger will result in the creation of seven large PSBs with scale and national reach, with each amalgamated entity having business of over Rs 8 lakh crore and it would help create banks with scale comparable to global banks and capable of competing effectively in India and globally.In addition, consolidation would also provide impetus to merged entities by increasing their ability to support larger ticket-size lending and have competitive operations by virtue of greater financial capacity.Last year, Dena Bank and Vijaya Bank were merged with Bank of Baroda. Prior to this, the government had merged five associate banks of SBI and Bharatiya Mahila Bank with the public sector bank.These were State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad effective April 2017. DP HV RS BAL

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You Searched For "vijaya bank" and got 10 results

Bank of Baroda completes IT integration with 132 branches of erstwhile Vijaya Bank

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CBI Registers Preliminary Inquiry Against Adani Group