The central government has announced the merger of Bank of Baroda, Vijaya Bank and Dena Bank, making it as the third largest domestic bank entity.
The announcement was made by Rajeev Kumar, Secretary Department of Financial Services, denoting it as a move taken in the interest of employees.
He also said that the merger of State Bank of India (SBI) was undertaken without any job loses. The three public lenders would continue to work as independent financial entities till the merger, he added.
Kumar said that the merger would enable leveling-up the operational efficiency and customer services. This will lead to the adopting of the next generation of strategic banking reforms.
The centre had taken several strategic measures over the last four years to per up the lending process with respect to banking.
Further, the scenario of Non-Performing Assets (NPAs) has improved in the last quarter and the stock had reduced by Rs 21,000 crore. Banks recovered Rs 36,551 crore in the first quarter of FY19.
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