New Delhi: In an attempt to create stronger public sector banks in the country, the Central government on Monday said three state-owned lenders — Bank of Baroda, Vijaya Bank and Dena Bank — will be merged to create the country’s third largest lender. After the amalgamation of associate banks with SBI, this is first-ever consolidation in the Indian banking sector. The merged entity will have a combined business of Rs 14.82 lakh crore, with 10,000 branches and around 85,000 employees.
Centre merges Bank of Baroda, Vijaya Bank, Dena Bank
New Delhi: In an attempt to create stronger public sector banks in the country, the Central government on Monday said three state-owned lenders — Bank of Baroda, Vijaya Bank and Dena Bank — will be merged to create the country’s third largest lender. After the amalgamation of associate banks with SBI, this is first-ever consolidation in the Indian banking sector. The merged entity will have a combined business of Rs 14.82 lakh crore, with 10,000 branches and around 85,000 employees.
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