Cabinet approves merger of Vijaya Bank, Dena Bank and Bank of Baroda
2019-01-03
The Union Cabinet, chaired by
Prime Minister Narendra Modi, on January 2, 2019 approved the ‘Scheme of
Amalgamation’ for merger of Bank of Baroda, Vijaya Bank and Dena Bank.
The amalgamation will be the
first-ever three-way consolidation of banks in India. The merger of Bank of
Baroda, Dena Bank and Vijaya Bank was proposed by the Union Finance Ministry on
September 17, 2018.
The amalgamated entity will be
India's second largest Public Sector Bank and India’s third largest bank with a
total business of more than Rs 14.82 lakh crore.
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