The Bank of Baroda (BoB), today, has officially emerged as the third largest public sector bank in India, following of amalgamation fo Vijaya Bank and Dena Bank into it. It also emerged as the third largest lender overall after state-owned State Bank of India and HDFC Bank.
The combined entity will have a geographical reach of over 9,500 branches, more than 13,400 ATMs with 85,000 employees serving 120 million customers with deposits and advances of Rs 8.75 lakh crore, and Rs 6.25 lakh crore.
Although the employees of the two merging banks appealed the Supreme Court against the merger, a two-member bench on Thursday (28 March) rejected the petition seeking a stay on its implementation.
Also, Reserve Bank of India (RBI) on Saturday issued a statement decreeing that from 1 April 2019 all Vijaya Bank and Dena Bank branches will operate and function as BoB outlets, and customers from both the merging banks will be treated as customers of BoB.
In this light, the Finance Ministry on 27 March 2019 had passed the infusion of Rs 5,042 crore into the BoB by way of preferential allotment of equity shares of the bank.