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Bank of Baroda becomes 2nd Largest public sector bank after amalgamation

By HindusthanSamachar | Publish Date: Apr 1 2019 9:08PM
Bank of Baroda becomes 2nd Largest public sector bank after amalgamation
Kolkata, 1 April (HS): For the first time inb the history of Independent India three running Public sector banks comprising Bank of Baroda, Vijaya Bank and Dena Bank were amalgamated with effect from today creating the country’s second largest public sector bank after State Bank of India.Though this much talked about amalgamation was approved ‘in-principle’ by the Board of Directors all the thre banks in September 2018, the entire process, whcih was very critical, was completed in record time, said Ashim Kumar Panda - General Manager,Bank of Baroad quoting P.S. Jayakumar, Managing Director and Chief Executive Officer(CEO), Bank of Baroda, here this afternoon. According to Panda, ''as per the notification dated March 30, 2019 by Reserve Bank of India, all branches of Vijaya Bank and Dena Bank will function as branches of Bank of Baroda from today( 1 April,2019)and all customers, including depositors of Vijaya Bank and Dena Bank will now be treated as customers of Bank of Baroda with effect from today itself''. Elaborating the concept of the consolidated bank, he said ''the consolidated bank will be the second largest public sector bank in the country''. Moreover, he said, it would have a wider geographical reach with 9,500 plus branches, 13400 plus ATMs and over 85,000 employees serving 120 million and more customers and business mix of more than Rs 15 lakh crore with deposits and advances of over Rs 8.75 lakh crores and Rs 6.25 lakh crores respectively. Hindusthan Samachar/Ankur/Pramod \
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