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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