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Mukt Shabd Journal ISSN NO : 2347-3150

Analyzing the Impact of Mergers and Acquisitions on Customers and Employees in Indian Banking Sector Ankit Dhamija Assistant Professor, Amity Business School, Amity University Gurugram, Haryana, India Deepika Dhamija Assistant Professor, Amity College of Commerce, Amity University Gurugram, Haryana, India

Dr Ravi Ranjan Assistant Professor, Amity College of Commerce, Amity University Gurugram, Haryana, India

ABSTRACT The Indian banking industry has become so volatile that every few months; there is news of one or few smaller banks being merged into a bank with larger presence across the nation or a bigger bank acquiring few smaller banks. This merging and acquisition of banks has become a necessity for Indian Economy to grow since, the non performing banks are increasing the burden on economy in the form of bad debts/loans, inability to generate profits, sell their banking products, inability to attract and retain customers and many more. Also, Mergers and acquisitions have become vital methods within the industry to form money gains enormously and to enhance the economies of scale. Through this, banks are able to get established brand names, new geographies, and complementary product offerings; however an additional opportunity to cross-sell to new accounts acquired is also there. Throughout the merging method, one company survives and therefore the other company loses its company existence. On the opposite hand, the acquisition means takeover. The biggest impact in such cases is on the bank employees and customers. There are a lot of issues that customers and employees have to deal with and there are also some benefits of this situation.This paper assesses the impact of Mergers and Acquisitions on bank employees and customers, their position before and after Mergers & Acquisitions and finding out the reasons behind these Mergers & Acquisitions. The objectives of the research focus on the customer’s perception and employee’s perception before and after the merger and acquisition of banks. The primary and secondary data both have been used to achieve the objectives. The findings of the study indicate that the banks have been positively affected by the event of a merger.

Keywords: Merger & Acquisition, Indian Banking Sector, Takeover, Banking 1. INTRODUCTION Bank’s nomenclature is said as a monetary institute or a company that is allowed by the state or central government to manage cash by accepting deposits, giving out loan and finance insecurities. The major role of banks is that the growth and expansion of the economy by providing funds for investment. In recent times the Banking Sector has been undergoing loads of changes in terms of rules and effects of the economic process. These changes have affected this sector each structurally and strategically. One such profitable strategy is that the method of consolidation of the banks. There are many ways in which to consolidate the Banking Industry; the foremost common adopted by banks is a Merger & Acquisition. Mergers and acquisitions activity is often outlined as a kind of restructuring therein they result in some entity reorganization with the aim to provide growth or positive worth. The abbreviation of the merger can be broken down in parts where M means ‘Mixing’, E means “Entities”, R means “Resources for”, G means ”Growth”, E means “Enrichment” and R means” Renovation from a legal purpose”. A merger can be defined as a method of unification of two players into a single entity [34]. According to the Oxford Dictionary, the expression “merger means combing two commercial companies into one. ”Bank merger is an event of when previously distinct banks are consolidated into one institution (Pilloff and Santomerro, 1999).A merger occurs by adding the active (bidder) bank assets and Liabilities to the target(Passive) banks’ balance sheet and acquiring the bidder’s bank name through a series of legal and Administrative measures. The merger is also a way of mixing two business entities below the common possession. A merger happens once an independent bank loses its charter and becomes a neighborhood of an existing bank with one headquarter and a unified branch network. The word acquisition conjointly called a takeover or an acquisition is that the shopping for of one company (the ‘target’) by another. A sale is also friendly or hostile. Merger and Acquisition in Indian banking sectors have been initiated through the recommendations of Narasimha committee II. The committee recommended that “merger between the strong bank and financial institutions would make for greater economic and commercial sense and would be the case where the whole is greater than the sum of its parts and have “force multiplier effect”. The Indian Banking Sector is divided into two era(s), the liberalization era and the post-liberalization era. Within the pre-liberalization era government of India nationalized fourteen banks on 19 July 1965 and later an additional six Banks were nationalized as on 15 April 1980. In the year 1993 government merged the new banks of India and Punjab National Banks and this reduces from twenty Nationalized Banks to 19

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Nationalized Banks [34]. In the post-liberalization regime, the government had initiated the policy of liberalization and licenses were issued to the Private Banks that cause the expansion of the Indian Banking Sector. The Indian Banking Industry shows a symptom of improvement in performance and with efficiency after the global crises in 2008-2009. In the Indian Banking Industry has a much better position than it was at the time of crises, the government has taken varied initiatives to strengthen the national economy. The economic recovery gained strength on the bank of a range of financial policy initiatives taken by the RBI [33]. Mergers and acquisitions within the Indian Banking Sector could be a common development across the globe. The first objective behind this move is to realize growth at the strategic level in terms of size and customer base. This, in turn, will increase the credit-creation capability of the merged bank highly. Small banks fearing aggressive acquisition by an oversized bank sometimes enter into a merger to extend their market share and defend themselves from the possible acquisition. Banks additionally like mergers and acquisitions to reap the advantages of economies of scale through reduction of prices and maximization of both economic and non-economic benefits. The method of merger and acquisition isn't a new happening in case of Indian banking. Grind lays Bank merged with Bank, with HDFC Bank, with ICICI Bank, Ltd. with and Global Trust Bank merged with Oriental Bank of Commerce. Because of the entire Indian Banking Industry is witnessing a paradigm shift in systems, processes, strategies, it would warrant the creation of new competencies and capabilities on an on-going basis that a setting of continuous learning would need to be created thus on enhance knowledge and skills. Table 1: Schedule of Merger &Acquisition Deals of Indian Banks [33] [31] Merger year Target bank Acquirer Bank 1993 New Punjab National Bank 1994 Bank of Karad Bank of India 1995-1996 Kashinath Seth Bank 1996-1997 Punjab Co-op Bank Ltd Oriental Bank of Commerce 1996-1997 Bari Doab Bank Ltd Oriental Bank of Commerce 1999 Bareilly Corp Bank Ltd 1999 Sikkim Bank Ltd 2000 Times Bank Ltd HDFC Bank Ltd 2001 Bank of Madura ICICI Bank 2002 Benaras State Bank Ltd Bank of Baroda 2003 Nedungadi Bank Ltd Punjab National Bank 2004 IDBI Bank Limited Industrial Development Bank of India 2004 South Gujarat Local Area Bank Bank of Baroda 2004 Global Trust Bank Ltd Oriental Bank of Commerce 2005 Centurion Bank Bank of Punjab 2005 Ltd. IDBI Ltd. 2006 Ganesh Bank of Kurandwad 2006 United Western Bank Industrial Development Bank of India 2006 2006 Sangli bank ICICI Bank 2007 2007 The Sangli Bank Ltd. ICICI Bank 2007 Lord Krishna Bank Ltd. Cent. Bank of Punjab Ltd. 2008 State Bank of India Global Trade Finance Ltd 2008 Centurion Bank of Punjab HDFC 2010 ICICI Bank

2014 ING Vyasa Bank

2017 (BMB), State Bank of State Bank of India Travancore (SBT), State Bank of Bikaner and Jaipur (SBBJ), (SBH), (SBM), (SBP) 2018 Capital First IDFC Bank

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2019 Oriental Bank of Commerce & United Bank of Punjab National Bank India

2019 2019 & Union Bank of India

2019

2019 & Bank of Baroda As it is visible from Table 1 that bank mergers and acquisitions have been going on continuously in Indian Banking history. Very few studies have tried to assess the impact of such mergers and acquisitions on both the bank employees and customers together. The authors in this paper will take up this research gap and present their findings. The rest of the paper is organized as follows: Section 2 presents the Objectives and Research Methodology, Section 3 presents the Review of Literature, and Section 4 presents the Data Analysis and Findings, Section 5 presents the recommendations based on findings of the study, Section 6 presents the Conclusion and Section 7 presents the bibliography. 2. OBJECTIVES AND RESEARCH METHODOLOGY Following research objectives have been formulated:  To analyze the impact of merger & acquisition of banks on the lives of the bank employees.  To investigate the factor leading to merging of banks.  To study the impact of bank mergers on bank customers. The purpose of the research methodology is to describe the research procedure. This includes overall research design, the sampling procedure, the data collection method, the field method, and analysis procedure. Research Design The Research Designs used in this study are Descriptive Research design (focus on formulating set objectives and carefully processing and analyzing the data), Exploratory Research Design (focus on secondary data) and Experimental Research Design (conducted with a scientific approach). Data Collection While deciding about the method of data collection to be used for the study, the researcher should keep in mind two types of data viz., primary and secondary. The primary source of data in this research study is a section of the customer base in the existing market through a questionnaire. The secondary source of data in this research study is a section of the publications and reports through web pages and portals associated with the industry and business. Sampling Sampling as the selection of some part of an aggregate or totality i.e., consumers located in Delhi – NCR on the basis 100 units for employees of the bank and the customers of the bank. In other words, it is the process of obtaining information about an entire population by examining only a part of it. Sampling Method: Sampling Method in this research study is mainly the Convenience Sampling i.e., main types of non-probability sampling methods. A convenience sample is made up of people who are easy to reach. A chunk is selected neither by probability nor by personal judgment. 3. REVIEW OF LITERATURE In today’s liberalized economy the organizations have experienced a major restructuring through M&A route. Mergers and Acquisitions are thought about a well-liked strategy for Growth and Development. Empirical studies during this field are few and much in range. Some tries are created in by researchers within the area of mergers that are reviewed and arranged into 3 sections are as follows: SECTION-I: Reviews the post-merger physical performance analysis of business banks in India. SECTION-II: Reviews the literature relates to the post-merger money performance of Indian commercial banks. SECTION-III: Studies the literature associated with the impact of mergers on shareholders wealth; the outline review of every section is given below Table 2: Summary of Analysis on Financial Performance of Merged Banks CONTRIBUTORS COMMON FINDINGS Dimikris & Katerina (2006) [16], Santos(2006) [17], Technical potency and productivity are hyperbolic Nazir & Alam(2010) [25], Noor and Ahmad (2012) [29] however there has been a decline within the operative efficiency when bank reforms. Healy (1992) [2], Ghosh (2001) [8], Weston and Operating performance (i.e., money inflow) of merging

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Mansinghka (1992) [1], Vijay & Saxena (2004) [14], corporations improved considerably following Altunbas & Marques (2008) [20], Mantravadi and Reddy acquisitions. (2008) [21] Kemal(2010) [24] M&A fails to improve the money performance of the bank. Antony Akhil (2011) [26], Pramod & Reddy (2007) [18], There is a big improvement within the profitability of Tambi (2005) [15], Anup and Jeffrey (1999) [5], Beena P merging firm. L (2000) [6], Leepsa and Mishra (2009) [23], Saple V(2000) [7] Vardhana Pawaskar (2001) [9], Kumar (2009) [22], Surjit There was no increase within the post-merger (2002) [11],Vanitha & Selvam (2007) [19] profitability. Nedunchezhin and Premalatha (2011) [27], Sathye(2003) Public sector banks potency score is more of as compared [12], Ataullah (2004) [13] to private sector banks within the post-merger amount as per DEA Analysis. Singh and Kumar (1994) [3], Ravi Sanker and Rao The rehabilitation of sick company by merging with the (1998) [4] healthy company is the handiest approach of their rehabilitation. Das and Singhal (2013) [30] An Average wealth not considerably impact by Mergers and Acquisition Deo and Shah (2011) [28], Huzifa Husain (2001) [10] The merger announcements have no vital impact on the bidder portfolio. But M&A produce a vital positive abnormal return for target shareholders.

The issue of the impact of mergers on the performance of banks has been well studied in the literature. Most of the studies examined found that mergers and acquisition add significantly to the profitability and positive impact on the efficiency of banking sector except few Vardhan Pawaskar (2001) [9], Kumar (2009) [22], Surjit (2002)[11], Vanitha & Selvam (2007) [19] and Kemal (2010) [24] have contrary views.

4. DATA ANALYSIS AND INTERPRETATION In this section, the author explains in detail the process of data gathering, analysis and its interpretation. Figure 1 shows the respondents data where responses were recorded from 50 Males and 50 Females. Figure 2 displays their age intervals as a Pie chart. Employees Perception Gender Age

Figure 1: No of respondents Figure 2: No of respondents on the basis of Age

The respondents were of two types: Bank Employees and Bank Customers. The authors conducted closed ended questionnaire for both of them where several questions were asked and their responses were recorded. Each of the responses are presented below. Firstly, the responses from Bank Employees are mentioned from Table 3 to Table 9.

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1. I am happy with the post provided to me. Table 3: Employee’s satisfaction level with respect to Post provided Pre-Merger Perception Post-Merger Perception

Inference: 50% of the people are fully satisfied with the post Inference: 53% of the people are fully satisfied with the post provided to them, 40% of the people are just satisfied with provided to them, 43% of the people are just satisfied with the the post and only 10% of the people are having an average post whereas only 13% of the people are having an average opinion. opinion and 1% disagree with the statement above.

2. I feel out of place in the bank. Table 4:Employee’s Perception about Belongingness Pre-Merger Perception Post-Merger Perception

Inference: 49% strongly disagree with this statement that Inference: 52% strongly disagree with this statement that they they feel out of place in the bank while only 12% have an feel out of place in the bank while only 2% have an average average response and 39% disagree with this statement. response and 33% disagree with this statement.

3. I experience frustration and stress from my attempts to adapt to the culture in the bank. Table 5: Employee’s Perception about Adaptability Pre Merger Perception Post-merger perception

Inference: 11% of the respondents feel stress and frustration for Inference: 10% of the respondents feel stress and frustration their work, and 31% of the respondents disagree with this for their work, and 40% of the respondents disagree with statement. 20% have an average response to their work. this statement. 19% have an average response to their work.

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4. I am satisfied with the shift timings provided to me. Table 6: Employee’s Perception about Working Hours Pre-Merger Perception Post-Merger Perception

Inference: 56% of the people are fully satisfied with the shift Inference: 46% of the people are fully satisfied with the timings and 40% partly agree with their shift timings and only shift timings and 39% partly agree with their shift timings 4% have an average response. and only 15% have an average response.

5. I am satisfied with the salary given to me. Table 7: Employee’s Satisfaction Level about Remuneration Pre-Merger Perception Post-Merger Perception

Inference: 44% of the employees are fully satisfied with their Inference: 48% of the employees are fully satisfied with salary and only 3% are not fully satisfied with their salary but their salary but 41% partly agree with their amount of 41% partly agree with their amount of salary given and only salary given and only 11% of the employees are not 1% of the employees are not satisfied with their salary. satisfied with their salary.

6. I feel welcome and respected by colleagues. Table 8: Employee’s Satisfaction about Work Culture Pre-Merger Perception Post-Merger Perception

Inference: 46% of the people feel respected in the bank by Inference: 40% of the people feel respected in the bank by their subordinates and superiors but 1% disagree to this their subordinates and superiors but 2%disagree to this statement and 42% partly agree to this. statement and 38% partly agree to this.

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7. I look towards my professional future at the Bank in a positive way. Table 9: Employee’s Perception about Future Prospects at Bank Pre-Merger Perception Post-Merger Perception

Inference: 66% of people think that they have a professional Inference: 43% of people think that they have a future in the banking sector and only 1% disagree with this professional future in the banking sector and 48% partly statement. 25% partly agree for professional future and 8% have agree for professional future and 9% have an average an average opinion. opinion

. In this section the responses from second type of respondents i.e. Customer Perception is explained with the help of various figures and tables. 1. Type of Account

Figure 3: Account Type Figure 3 show that 30% of customer respondents have Current account with bank while 70% own a saving account. 2. Prompt services whenever you visit Table 10: Customer Perception about Service Pre-Merger Perception Post-Merger Perception

Inference: 50% of the people are fully satisfied with the Inference: 53% of the people are fully satisfied with the services provided to them, 40% of the people are just services provided to them, 43% of the people are just satisfied with the services and only 10% of the people satisfied with the services and only 3% of the people are are having an average opinion. having an average opinion.

3. New account process

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Table 11: Customer Perception about Ease of Operation at Banks Pre-Merger Perception Post-Merger Perception

Inference: 11% of the respondents satisfy with the new Inference: 46% of the respondents satisfy with the new account process, and 31% of the respondents disagree with account process, and 39% of the respondents disagree this statement. 20% have an average response to the with this statement. 15% have an average response to process the process.

4. Minimum amount limit is not high Table 12: Customer Perception about Minimum Account Balance Pre-Merger Perception Post-Merger perception

Inference: 56% of the people are fully satisfied with Inference: 48% of the people are fully satisfied with the the shift timings and 40% partly agree with their shift shift timings and 41% partly agree with their shift timings timings and only 4% have an average response. and only 11% have an average response.

5. Easy maintenance of an account Table 13: Customer Perception about Account Maintenance Pre-Merger Perception Post-Merger Perception

Inference: 44% of the people are fully satisfied with Inference: 40% of the people are fully satisfied with the the maintenance of the account and only 3% are not maintenance of the account and only 2% are not fully fully satisfied with the maintenance but 41% partly satisfied with the maintenance but 48% partly agree with agree with easy maintenance and only 1% of the people easy maintenance and only 15% of the people are not are not satisfied with the maintenance. satisfied with the maintenance.

6. Availability of Cheque books

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Table 14: Customer Perception about Minimum Account Balance Pre-Merger Perception Post-Merger Perception

Inference: 46% of the people think there is the Inference: 46% of the people think there is the availability of checkbook at any time but 1% disagrees to availability of checkbook at any time but 1% disagrees to this statement and 42% partly agree to this. this statement and 42% partly agree to this. .

7. Convenience of Location Table 15: Customer Perception about Location Convenience Pre-Merger Perception Post-Merger Perception

Inference: 66% of people think that they have a convenient Inference: 43% of people think that they have a location and only 1% disagree with this statement. 25% professional future in the banking sector and 48% partly partly agree for the convenient location and 8% have an agree for professional future and 9% have an average average opinion. opinion.

T-TEST ANALYSIS Table 16: T-test Values Number of respondents N 100 Degree of freedom D 98 Level of significance ∝ 0.05 T- table value T 1.96

T (calculated value) > T-Table (value) = H0 = Accept T (calculated value) < T-Table (value) = H1 = Reject H0: There is a significant difference between the satisfaction of employees and customers. H1: There is no significant difference between the satisfaction of employees and customers. Table 17: Respondent wise T-Test values EMPLOYEES CUSTOMERS D = 65 D = 64 푑̅= 0.65 푑̅= 0.64 (d-푑̅)2 = 1035.85 (d-푑̅)2 = 1035.92 휎 = 3.2184 휎 = 3.2648 T = 2.0196 T = 1.9603 As the calculated value of T in employees is greater than the table value we will accept the result i.e, there is a significant difference between the satisfaction of employees in pre-merger and post-merger.

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At the same time as the calculated value of T in customers is almost equal to the table value we will reject the result i.e, there is no significant difference between the satisfaction of customers in pre-merger and post-merger. 5. RECOMMENDATIONS Mergers and acquisitions have proven to be a significant and increasingly popular means for achieving corporate diversity and growth. But the existing failure rate of mergers suggests that neither academicians nor practitioners have a thorough understanding of the variables involved in planning and implementing a successful merger. It is suggested that a successful merger involves not only through financial and strategic analysis and planning but also planning regarding congruence between the two companies' preferences about the implementation strategy for the merger.  It is essential for managers of parent firms to decide about the immediate benefits their firms can provide to the acquired firm and how this will result in long term synergisms for both parties.  The parent firm also should gently work with the acquisition personnel, solicits their inputs, and includes them in decisions that affect them.  In order to standardize the use of its indigenous technologies into the acquired firm, management should seek for creative new combinations of the parent’s and acquired firm indigenous capabilities; understand each other’s technologies and businesses.  Providing clear, consistent, factual, sympathetic, and up-to-date information in various ways will increase the coping abilities of employees, which will, in turn, increase their productivity. This increased productivity will positively impact on the firm's performance and create sustained competitive advantage by achieving the projected strategic fit and synergies.  It is also suggested that mergers and acquisitions should be examined separately, as they are driven by different factors. 6. CONCLUSION Mergers and Acquisitions played a very important role in Banking Sector. The small and medium-size banks are working under threat from the economic environment which is full of problems for them, viz, the inadequacy of resources, outdated technology, and on-systemized management pattern, faltering marketing efforts, weak financial structure, technique obsolescence and lack of product innovations. Their reorganization through merger could offer re-establishment of those in viable banks of optimum size with a global presence. Merger and acquisition in Indian banking so far have been to provide the safeguard and hedging weak bank against their failure. The merger cult in India has yet to catch fire with merchant bankers and financial consultants acquiring skills in grinding the banks to absorb unviable banks and put them again on successful operations. All the merged entities after mergers and acquisitions are continuously growing rather than before the merger. There is an increase in no. of branches and ATMs as well as in deposit amount, their net profit and worth. With regard to reactions to the announcement of the merger, the market has initially tried to react negatively to the most of the banks’ acquisition announcement but overall there was either destruction or creation in shareholder wealth of investors of public and private sector banks. The merger announcements in the banking sector typically result in no (or slightly positive) cumulative abnormal returns on the stocks of acquiring banks and significantly positive abnormal returns on target bank stocks. But the results should be taken with caution. Although stock prices reveal the market's expectation of future cash flows, actual performance may differ from market expectations. This observation is especially true for bank mergers. Results also suggest that the surviving employees of the merged banks positively perceive merger activity taken up by their employer. Though the employees were nervous initially about the information of merger, communication from the management helped them to cope with the change. In fact, the employees were very happy with the sufficiency of information and communication from their supervisors. By involving them in the process of change, the employees felt confidence in their employer and started appreciating the objectives of the merger strategy. This study contributes to the existing literature on mergers and acquisitions and provides information for both managers and shareholders who are interested in the improvement of the bank’s competitive position and profitability. In addition, for regulators and policymakers, it is important to understand how bank concentration affects the economy, i.e. competition, efficiency, the stability of the financial system and the supply of banking services.

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7. REFERENCES 1. Weston, J.F., and S.K. Mansinghka, (1971): ‘Tests of the Efficiency Performance of Conglomerate Firms’, Journal of Finance, September, pp 919-936. 2. P. M. Healy, K.G. Palepu, and R. S. Ruback, (1992): ‘Does Corporate Performance Improve After Mergers?’ Journal of Financial Economics, Vol 31, pp 135- 175. 3. S.R. Singh and V. Kumar, (1994). Corporate Rehabilitation and BIFR ( Shipra Publications, pp. 67. 4. Ravi Sanker and Rao K.V (1998) “Financial Management 12”, pp. 12-19. 5. Anup Agrawal Jeffrey F. Jaffe (1999), “The Post-merger Performance Puzzle”, Journal of Corporate Finance, USA. 6. Beena P. L. (2000). ‘An analysis of merger in the private corporate sector in India’ Journal of Scientific & Industrial Research, Special Issue on Management, August – Sep., Nasscom, New Delhi. Page No. 34-51. 7. Saple V. (2000) “Diversification, Mergers and their Effect on Firm Performance: A Study of the Indian Corporate Sector”, Review of Quantitative Finance and Accounting. Page No.67. 8. Ghosh, A., (2001): ‘Does operating performance really improve following corporate acquisitions?’ Journal of Corporate Finance 7 pp 151-178. 9. Vardhana Pawaskar, (2001), Effect of Mergers on Corporate Performance in India. Vikalpa, 26 (1): 19-32. 10. Huzifa Husain, (2001) ‘Merger and Acquisition unlocking value’ Antitrust Bulletin 37, pp. 541-600. 11. Surjit, Kaur (2002). “A Study of corporate takeovers in India”, Ph. D thesis abstract Pp-1-11. 12. Sathye M (2003). “Efficiency of Banks in a Developing Economy: the Case of India.” EJOR 148(3):662671. 13. Ataullah A, Cockerill T, Le H (2004). “Financial Liberalization and Bank Efficiency: A Comparative Analysis of India and Pakistan”. Appl. Econ. 36(17):1915-1924. 14. Shrimali Vijay and Saxena Karunesh, (2004): Merger & Acquisitions: Indian Journal of Accounting Vol. XXXV (1), pp 48-54. 15. Tambi, M. K. (2005). Impact of Mergers and Amalgamation on the Performance of Indian Companies. Econ WPA Finance. 16. Dimikris angelids and Katerina lyroudi (2006) Efficiency in the Italian Banking Industry DEA and neural networks”, “International research journal of finance and economics”, Vol.1, Issue 5, 2006. pp. 155-165. 17. Santos José O. Dacanay III, (2006), “Malmquist index and technical efficiency of Philippine Commercial banks in the post-Asian financial crisis period”, “Philippine Management Review 2007”, Vol. 14, pp 93114. 18. Pramod & Reddy (2007) “Relative size in mergers and operating performance: Indian Experience”, Economic and political weekly, Pp 2936-3942. 19. Vanitha, S. and M. Selvam, 2007. Financial Performance of Indian Manufacturing Companies during Pre and Post- Merger. International Research Journal of Finance and Economics, 12:7-35 20. Altunbas, Y., & Marques, D. (2008). Mergers and Acquisitions and Bank Performance in Europe: The Role of Strategic Similarities. Journal of Economics & Business, 60, 204 222 21. Mantravadi, P. and A. Reddy, (2008). "Relative Size in Mergers and Operating Performance: Indian Experience", Working Paper Series, available at www.ssrn.com. 22. Kumar, R., (2009). "Post-Merger Corporate Performance: an Indian Perspective", Management Research News 32 (2), pp. 145-157. 23. N. M. Leepsa & Chandra Sekhar Mishra, (2009), “Post Merger Financial Performance: A Study with Reference to Select Manufacturing Companies in India”, International Research Journal of Finance and Economics ISSN 1450- 2887. 24. Muhammad Usman Kemal (2010). Post-Merger Profitability: A Case of (RBS), International Journal of Business and Social Science Vol. 2 No. 5, March 2011. 25. Mian Sajid Nazir and Atia Alam, (2010), “The Impact of Financial Restructuring on the Performance of Pakistani Banks: (Nazir & Alam, 2010) A DEA Approach”, “The IUP Journal of Applied Finance”, Vol. 16, No. 1, 2010, pp 71- 86. 26. Antony Akhil, K. (2011), “Post-Merger Profitability of Selected Banks in India,” International Journal of Research in Commerce, Economics and Management, Vol. 1, No. 8, (December), pp. 133-5. 27. Dr. V R Nedunchezhin, K Premalatha (2011); “Analysis of pre and post-merger public sector bank efficiency: A DEA analysis”, International Journal of Applied Research and S.tudies, Volume 3, Issue 1(Jan 2014), Pp-1-12. 28. Malabika Deo and Mohammad Aasif Shah. (2011), “Shareholder Wealth Effects to Merger Announcements in Indian it Industry,” International Journal of Research in Commerce, Economics and Management, Vol. 1, No.7, (November), pp. 61-6. 29. Mohamad Akbar Noor and Nor Hayati Bt Ahmad, (2012), “The determinants of the efficiency of Islamic Bank”, “IUP Journal Of bank Management”, May 2012, Vol XI, No. 2 pp 32-70. 30. Dr. K B Das & CA (Dr.) Sanjeev Singhal, “Impact of Reforms on Efficiency of the Commercial Banks in India”, Indian Journal of Accounting, Vol. XLV (1) Dec 2013, Page no. 32-44. 31. http://aric.adb.org/pdf/aem/external/financial_market/India/india_bnk.pdf 32. www.scribd.com/doc/53844805/1/Corporate-Restructuring pp. 1-2 33. http://rbi.org.in/scripts/AnnualReportPublications.aspx?year=2010 34. https://www.slideshare.net/RuthvikCA/merger-and-acquisition-73437951

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