Question

Dena Bank and Vijaya Bank is merged in which bank?

Answer 1

Answer: Bank of Baroda

Explanation:

Dena Bank and Vijaya Bank were merged with Bank of Baroda on April 1, 2019, creating one of India's largest public sector banks. This historic merger was part of the Indian government's strategy to strengthen the banking sector by consolidating smaller banks into larger, more robust financial institutions.

The merger was announced by Finance Minister Nirmala Sitharaman as part of a comprehensive banking reform initiative. Bank of Baroda, being the larger and more established institution among the three, became the anchor bank. After the merger, the combined entity retained the name "Bank of Baroda" and became the second-largest public sector bank in India in terms of branch network.

This three-way merger brought together banks with rich histories. Bank of Baroda was established in 1908, Dena Bank in 1938, and Vijaya Bank in 1931. The consolidation created a banking giant with over 9,400 branches and 13,400 ATMs across India, significantly expanding the reach and service capabilities of the merged entity.

The primary objectives behind this merger included improving operational efficiency, reducing administrative costs, and enhancing the competitiveness of public sector banks against private banks and foreign financial institutions. The merged bank also gained better capital adequacy and improved ability to fund large infrastructure projects and corporate lending.

For customers of the erstwhile Dena Bank and Vijaya Bank, the merger meant access to a larger network of branches and ATMs, improved digital banking services, and enhanced product offerings. All existing accounts, loans, and deposits were seamlessly transferred to Bank of Baroda, ensuring continuity of services without any disruption to customers' banking relationships.