Bank of Baroda
September brought a sign of progress in India’s ambitions to transform its debt-addled state-owned banking sector. We are a long way from the endgame of six state banks prime minister Narendra Modi once mentioned – there are still more than 20 of them in fact – but the recommended merger of Bank of Baroda, Vijaya Bank and Dena Bank is at least a step in the right direction.
This is what the market wanted: fewer banks, resolving bad loans through the new bankruptcy court process, recapitalized and ready to start lending again.
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