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Indian government to inject capital into Dena Bank ahead of merger

The Indian government is set to infuse 41 billion rupees of capital into Dena Bank ahead of its merger with Bank of Baroda and Vijaya Bank, The New Indian Express reported Oct. 17, citing a senior government official.

The capital injection will help the bank clean its loan book, the official said. The bank had reported a net nonperforming loan ratio of 11.04% as of June 30, and a loss of 7.22 billion rupees for the fiscal first quarter.

In September, the government said it will merge Dena Bank, Bank of Baroda and Vijaya Bank into a single lender to become India's third-largest bank. The merged entity will have a combined business of about 14.823 trillion rupees.

As of Oct. 17, US$1 was equivalent to 73.40 Indian rupees.