State owned Dena Bank today denied any talks with Union Bank of India BSE 0.42 % for a possible merger. Dena Bank Chairman and Managing Director Ashwani Kumar also said he did not foresee any further rate cuts.
"There has been no discussion regarding the merger between us and the Union Bank," Kumar said here.Speaking about interest rate outlook, Kumar said he doesn't see any further reduction in Marginal Cost of Funds based Lending Rate (MCLR).
"Don't think there is any margin to reduce further. The Asset Liability Committee will meet later this month to look into it," he said. Dena Bank mopped up Rs 20,400 crore post-demonetization and withdrawal was Rs 9000-10,000 crore. Speaking on the bank's initiatives, Kumar said Dena Bank was promoting digital banking initiatives.
"We have already handed over 4,500 POS machines and by March our target is 10,000 machines," he said. After aggressive branch expansion last year, the Bank will add around 26 branches including two branches in the North East during the 2016-17 fiscal. Dena Bank has also launched a finance carnival targeting the MSME sector, Kumar said.
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