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Moody’s Gives Thumbs Up To Modi’s Decision, Says Bank Merger Will Lead To Better Governance
A Bank of Baroda branch. (Kunal Patil/Hindustan Times via Getty Images)
The global ratings major Moody’s gave its approval to the government proposal to merge three public sector banks namely the Bank of Baroda, Dena Bank and Vijaya Bank. The rating agency believes that the merger will be credit positive and also improve the governance levels in the merged bank.
The merger of the banks is part of the government’s consolidation strategy as they seek to tackle the pile of bad debt on the books of public sector banks.
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