Bor Bracing For Merger Of 100% Arm With Itself

Bank of Rajasthan (BoR) has initiated the process of merging its ailing wholly owned subsidiary Rajasthan Bank Financial Services Ltd (RBFS) with itself and the process is expected to be complete soon.

The bank has scheduled a meeting of financial institutions and unsecured creditors of BoR for approval of the scheme of merger.

The Reserve Bank of India had initially asked BoR for liquidating the loss making non-banking financial subsidiary RBFS by 2001 end. BoR had asked for a year