Financial Daily from THE HINDU group of publications
Friday, Jun 21, 2002
Financial Daily from THE HINDU group of publications Friday, Jun 21, 2002 |
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Money & Banking
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Mergers & Acquisitions Benares bank merger with BoB okayed Our Bureau
MUMBAI, June 20 THE Central Government has approved the amalgamation of Benares State Bank Ltd with Bank of Baroda and the scheme of amalgamation will come into force from today. An RBI press release said that existing depositors would be paid in accordance with the scheme of amalgamation from July 19 and onwards on completion of the evaluation of assets by Bank of Baroda for which a period of one month has been provided. As per the provisions of the scheme of amalgamation, all the staff security deposits will be paid in full together with accrued interest and all outside liabilities as on the prescribed date excluding deposits shall be paid or provided in full. Deposits up to Rs 1 lakh will be paid in full by Bank of Baroda or the Deposit Insurance and Credit Guarantee Corporation and the balance of deposits above Rs 1 lakh will be paid pro-rata on the basis of the evaluation of assets of Benares State Bank Ltd. The branches of Benares State Bank Ltd will function as branches of Bank of Baroda from June 20. Earlier, the Central Government had made an Order of Moratorium in respect of Benares State Bank Ltd with effect from the close of business on January 22 to July 21, this year. During the period of moratorium, RBI had prepared a draft scheme of amalgamation of Benares State Bank Ltd with Bank of Baroda.
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