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BoB willing to take over BSB
Our Banking Bureau
22 October 2001

Mumbai: The Bank of Baroda (BoB) has written to the RBI that it is willing to take over the domain-B's currency converter - check it outassets and liabilities of the Benares State Bank (BSB). This, however, is subject to the Deposit Insurance and Credit Guarantee Corporation of India (DICGCI) releasing funds to bridge the gap between realisable assets and liabilities of BSB.

On receiving clearance from the RBI, BoB will appoint an auditor to undertake due diligence of BSB. The auditors will list out all liabilities excluding those of the shareholders. The liabilities would include depositors’ money, payment towards employees and other contingent liabilities.

The auditors will also list the realisable assets of BSB. BoB has proposed that the difference between these assets and liabilities will have to be bridged by the DICGCI.

send this article to a friendThe takeover of BSB will affect the balancesheet of BoB marginally. The proposed takeover will bring down BoB’s capital adequacy by just 0.2 per cent. As on 31 March 2001, BoB’s capital adequacy ratio stood at 12.8 per cent, which is above the RBI stipulated ratio of 9 per cent.

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BoB willing to take over BSB