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Vijaya Bank while issuing the appointment letter to the respondent, included a restrictive covenant carrying an indemnity clause, wherein the respondent had to pay the Bank if he leaves the service before completion of 3 years.
While considering a matter revolving around dismissal of a Banker due to indiscriminate lending of money to fictitious persons, the Court stated, “Funds are parked with the banks by broad segments of the public and this establishes a public trust which compels the banker to act with a greater care than what individuals engaged in commerce ordinarily do.”
The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the scheme of amalgamation for amalgamating Bank of Baroda, Vijaya