BoB to take over Benares Bank
By Our Banking Bureau | 16 Jan 2002
Mumbai: The
Centre has reversed its earlier decision to wind up Benares State
Bank following Bank of Baroda (BoB) expressing its interest to
take over the bank.
Minister for Parliamentary Affairs, Communications and IT Pramod
Mahajan, after a cabinet meeting, said the government has asked
the Reserve Bank of India (RBI) to speed up BoBs proposal to
take over the ailing Benares State Bank.
In September 2001, the government had decided to wind up the bank. But, with BoB evincing an interest, the RBI was asked to pursue the issue. The earlier decision to wind up the bank, however, was not communicated to the RBI formally.
