NEW DELHI (Reuters) – India’s bureau has endorsed the merger of state-run Vijaya Bank and Dena Bank with Bank of Baroda, the legislature said on Wednesday, in a stage went for tidying up the nation’s keeping money framework.
India had reported the merger plan a year ago in the midst of developing worries over rising awful credits in the managing an account area. Keeping money segment changes are a noteworthy board of Prime Minister Narendra Modi’s administration’s intends to resuscitate loaning which has hindered as banks battle with terrible obligation.
The blended bank will turn into India’s second biggest open area bank and will “help make a solid comprehensively focused bank”, the administration said in an announcement.
The merger will come into power on April 1, the administration said.