Vijaya Bank, Dena Bank and Bank of Baroda to be merged

Vastavam web: The government will merge state-owned Vijaya Bank, Dena Bank and Bank of Baroda to create India’s third largest lender, a top government official said Monday. Boards of the three banks will examine amalgamation proposal, the department of financial services secretary, Rajeev Kumar, told a news conference here. He said the banking sector needs reforms and the government is taking care of banks’ capital needs.