The government’s proposal to merge three public sector banks evoked mixed response from the investors with Bank of Baroda and Vijaya Bank stocks ending in red, while Dena Bank’s stock, which ...

India’s cabinet has approved the merger of state-run Vijaya Bank and Dena Bank with Bank of Baroda, the government said on Wednesday, in a step aimed at cleaning up the country’s banking system.

BoB-Vijaya-Dena merger: The next step for the merger is getting government's formal approval, followed by the swap ration, Bank of Baroda MD and CEO PS Jayakumar told reporters.

Vijaya Bank currently has 15,874 employees, and Dena Bank 13,440. The amalgamated entity will have over 85,000 employees, across approximately 9,500 branches.