Vijaya & Dena Banks merged with Bank of Baroda
April 1, 2019
Branches of Vijaya Bank and Dena Bank will function as branches of Bank of Baroda from 1 April after the merger coming into effect. This merger is going to make Bank of Baroda India's second largest public sector bank after the State Bank of India. The sign boards of Vijaya Bank and Dena Bank will include Now-Bank of Baroda caption along with it.
Big statement from the Bank of Baroda chief at #BSBankingForum. He says the public sector bank had informed the government that it was not ready for a merger more than a year back. Bank of Baroda is set to merge with Dena Bank and Vijaya Bank-Somesh Jha, Twitter User
The customers of Dena and Vijaya banks will now get new pass books, debit and credit cards, cheque books, customer ID's and even new bank account numbers. They will also have to update the details with income tax department, insurance companies and mutual funds. Officials informed that interest rates on loans and fixed deposits are not likely to change.
"It's the end of an era with Dena Bank and Vijaya Bank - two banks promoted by Indian entrepreneurs set to merge with Bank of Baroda. Monday those signages will be replaced with Bank of Baroda and the brands will cease to exist, tweeted Mayur Shetty.