Bank of Baroda Current Affairs - 2019
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The Reserve Bank of India (RBI) has stated that all branches of public sector lenders Vijaya Bank and Dena Bank will function as branches of Bank of Baroda (BoB) from April 1, 2019, and the proposed merger Bank of Baroda with Dena and Vijaya Bank will be affected from April 1.
Plan of Merger
As per the proposed merger plan, shareholders of Vijaya Bank will get 402 equity shares of BoB for every 1,000 shares held and the shareholders of Dena Bank will receive 110 equity shares of BoB for every 1,000 equity shares held.
The boards of Vijaya Bank and Dena Bank will stand dissolved. The entire share capital of Vijaya Bank and Dena Bank will stand cancelled and the shares of both these banks will also stand delisted from stock exchanges.
Following the merger of these state-owned banks, BoB will become the third largest bank in India after the State Bank of India and HDFC Bank.
The consolidated bank will have over 9,500 branches, 13,400 ATMs, 85,000 employees to serve 12 crore customers. The bank will have a business mix of Rs 15 lakh crore of balance sheet, with deposits and advances of Rs 8.75 lakh crore and Rs 6.25 lakh crore, respectively.
Public sector Bank, Bank of Baroda has made an announcement about developing an agri-digital platform called ‘Baroda Kisan’ to provide solutions for all major agricultural requirements.
About the Project
- The project aims to provide a holistic approach towards solving agricultural plights by means of providing reliable and customised information, inputs for use, the convenience of renting farm equipment and market linkage for sale of agri-produces.
- Bank of Baroda has signed a memorandum of understanding (MoU) with Six companies viz. Skymet Weather Services, Weather Risk Management Services, BigHaat, Agrostar India, EM3 Agri Services and Poorti Agri Services for the project.
- The agri-digital platform will be executed by IT Centre of Excellence (ITCoE) of Bank of Baroda in partnership with IBM India.
- Baroda Kisan is aimed at digitization of digital services.
Baroda Kisan initiative is part of the Bank of Baroda’s initiative to keep up with the use of technology in the field of agriculture. Baroda Kisan aims to provide a dedicated platform for farmers to ease their requirements.