Government Announces Merger Of Bank Of Baroda, Dena Bank And Vijaya Bank

The Indian government on Monday announced the merger of public sector lenders Bank of Baroda, Dena Bank and Vijaya Bank. The announcement was made after a meeting of the ‘alternative mechanism’ set up last year to consider consolidation in the banking sector.

The proposal will now need to be passed by the boards of individual banks.

The combined lender will be the third largest in India, said the government.

 

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