CURRENT AFFAIRS

Detailed explanation-1: -Bank of Baroda said that its board has approved the divestment of its majority shareholding in the Nainital Bank. The board of the Mumbai-based bank has authorised issuance of an advertisement inviting expressions of interest (EOI) through a preliminary information memorandum (PIM) from interested parties (IPs).

Detailed explanation-2: -The Mumbai-based BoB had taken over Nainital Bank in 1973 on the directions of the Reserve Bank of India (RBI). State-owned Bank of Baroda (BoB) on Tuesday said it plans to sell its majority stake in Nainital Bank.

Detailed explanation-3: -2/- each fully paid as of 05.03. 2021, Government of India holds 63.97% of total paid up equity of the Bank and Public Shareholding is at 36.03%, which is held by Retail Investors, Employees, Banks and Financial Institutions, FIIs and NRIs, Mutual Funds, Insurance Companies and Others.

Detailed explanation-4: -Q. Which of the following financial institutions has authorized the sale of its majority share in Nainital Bank (NBL)? Notes: BoB board has approved the divestment of its majority stake in Nainital Bank (NBL). The state-owned Bank of Baroda (BoB) said it planned to sell its majority stake in Nainital Bank.

Detailed explanation-5: -Bank of Baroda to bring in strategic partner in subsidiary Nainital Bank - The Hindu BusinessLine.