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Wednesday, Jan 16, 2002

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`BoB may take over Benares State Bank'

Our Bureau

NEW DELHI, Jan. 15

THE Government has decided to reverse its earlier decision to wind up Benares State Bank in view of the interest evinced by Bank of Baroda (BoB) to take over the Varanasi-headquartered bank.

``The Union Cabinet had decided to wind up the bank on September 24, 2001; but not formally communicated the matter to the RBI. Meanwhile, BoB has shown interest in taking over the bank,'' the Parliamentary Affairs Minister, Mr Pramod Mahajan, told newspersons after a Cabinet meeting here.

So the earlier decision to close down the bank had been changed, the Minister said, adding RBI had been asked to expedite the takeover of the ailing bank.

Established in 1946, Benares State Bank has 105 branches, out of which 91 are in Uttar Pradesh. It has a total staff of 1,400.

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