The Cabinet has approved the merger of Vijaya Bank and Dena Bank with Bank of Baroda.
The move will help create a strong globally competitive bank with economies of scale and enable the realization of wide-ranging synergies, leveraging of networks and low-cost deposits and substantial rise in customer base and operational efficiency.
The scheme will come into effect from 1st of April this year.
The pay and allowances and services of the employees of all three banks will remain same as earlier.
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