BoB, Vijaya, Dena to merge
The central government on Monday proposed to create the country’s third-largest bank by amalgamating Mumbai-based Dena Bank and Bengaluru-based Vijaya Bank with much larger Bank of Baroda (BoB) in an all-stock deal. The banks’ boards are expected to meet in 10 days to take a call. The deal, though, is almost a certainty since the government is the majority owner. Read more
Govt action fails to help market, Rupee
The benchmark Sensex tumbled more than 500 points on Monday after the measures announced by the government over the weekend failed to stem losses in the currency and bond markets. The crash has wiped out over Rs 1 trillion of investor wealth. Read more
Air India flight to Ny has a narrow escape
Despite system failure, adverse weather and lack of fuel while landing at New York’s John F Kennedy Airport, an Air India pilot succeeded in saving 370 passengers on-board. Read more
Non-essential imports to be identified by end of week
Gold, finished steel, electronics and food items may figure in the list of non-essential imports, to be finalised within this week. Read more
Arcelor needs lenders’ nod to transfer UGSL shares: SBI
SBI, the lead banker to Uttam Galva Steels (UGSL), has told ArcelorMittal, the co-promoter of the bankrupt firm, that its transfer of shares in February to the Miglanis violated the non-disposal agreement. Read more