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BoB to take over Benares Banknews
Our Banking Bureau
16 January 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.



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BoB to take over Benares Bank