BANKING AND FINANCE

 Bank of Baroda becomes the 3rd largest bank after its merger with Dena Bank & Vijaya Bank
1. On April 1, 2019, the merger of Dena Bank and Vijaya Bank into Bank of Baroda has come into effect. With
this amalgamation,
2. Bank of Baroda becomes the India’s second largest public sector bank and third largest commercial
bank after State Bank of India (SBI) and HDFC Bank.
3. Centre’s shareholding in the merged entity is 65.7%.
4. BoB now has over 9,500 branches, 13,400 ATMs and 85,000 employees
5. Now the number of public sector banks (PSBs) has reduced to 18.
6. The merger also reduced the number of banks kept under the Prompt Corrective Action (PCA) framework
by RBI to four as Dena Bank was among the five PSU banks kept under PCA.
 Reliance Mutual Fund partnering with Google, becomes the first Indian company to launch voice-based
financial transactions
1. Reliance Nippon Life Asset Management (RNAM) has joined hands with Google to enable the customers
of Reliance Mutual Fund to carry out voice-based financial transactions.
 RBI Sets NBFC-MFIs' Average Base Rate At 9.21% For April-June