New Delhi, Sep 17: Three public sector lenders- Bank of Baroda, Dena Bank and Vijaya Bank will be merged to create the third-largest bank in the country, the central government announced on Monday.
Financial Services Secretary Rajiv Kumar made the announcement saying “Merger of the 3 banks will make this the third largest bank of India.
Now the proposal will be sent to the boards of the three banks for the approval before any further process.
Addressing the press conference, Union Finance Minister Arun Jaitley said: “government had announced in the budget that consolidation of banks was also in our agenda and the first step has been announced”.
“No employee will face any service conditions which are adverse in nature. The best of the service conditions will apply to all of them”, he added.
Presently, state-run State Bank of India, and private sector lenders HDFC Bank and ICICI Bank are the three largest banks in the country.