The amalgamation of Vijaya Bank and Dena Bank into the Bank of Baroda (BoB) has come into effect and all branches of the former two will function as branches of BoB. The merged entity would also receive Rs 5,042 crore fund infusion from the government.
According to the RBI, the Customers, including depositors of Vijaya Bank and Dena Bank, will be treated as customers of Bank of Baroda with effect from April 1, 2019. Post the merger, Bank of Baroda has become the third largest bank in the country.
Source- DD News
Static/Current Takeaways Important For LIC AAO Mains Exam:
- MD and CEO of Bank of Baroda is P. S. Jayakumar.
- Headquarter of Bank of Baroda is in Vadodara.