News digest: Merger of three banks, Sensex falls 500 points, and more

Amalgamated entity to be third-largest lender; govt to continue to provide capital support

BoB, Vijaya, Dena to merge

The central government on Monday proposed to create the country’s third-largest bank by amalgamating Mumbai-based Dena Bank and Bengaluru-based Vijaya Bank with much larger Bank of Baroda (BoB) in an all-stock deal. The banks’ boards are expected to meet in 10 days to take a call. The deal, though, is almost a certainty since the government is the majority owner. Read more 

Govt action fails to help market, Rupee

The benchmark Sensex tumbled more than 500 points on Monday after the measures announced by the government over the weekend failed to stem losses in the currency and bond markets. The crash has wiped out over Rs 1 trillion of investor wealth. Read more

Air India flight to Ny has a narrow escape
 

Despite system failure, adverse weather and lack of fuel while landing at New York’s John F Kennedy Airport, an Air India pilot succeeded in saving 370 passengers on-board. Read more

Non-essential imports to be identified by end of week 
 

Gold, finished steel, electronics and food items may figure in the list of non-essential imports, to be finalised within this week. Read more

Arcelor needs lenders’ nod to transfer UGSL shares: SBI    
 

SBI, the lead banker to Uttam Galva Steels (UGSL), has told ArcelorMittal, the co-promoter of the bankrupt firm, that its transfer of shares in February to the Miglanis violated the non-disposal agreement. Read more