DFCC-NDB merger on hold in view of polls
View(s):The merger between the National Development Bank (NDB) and Development Finance Corporation (DFCC) Bank has been temporarily halted till the conclusion of the January 8 presidential poll due to ‘procedural’ matters relating to the gazette notification, official sources said.
The two banks are being merged under this year’s budget with the banks jointly hiring a foreign consultancy firm to recommend a proper merger structure.
A bill paving the way for the merger was passed by parliament in October this year and the Finance Ministry was expected to issue the required gazette notification within two months of the bill being approved.