Cabinet clears merger of Dena Bank, Vijaya Bank with Bank of Baroda

The Cabinet on Wednesday approved the merger of Vijaya Bank and Dena Bank with Bank of Baroda. The merged bank will become India's second-largest state-run bank and will "help create a strong globally competitive bank", the government said. The merger will become effective April 1, and employees of Dena Bank and Vijaya Bank will be absorbed into Bank of Baroda.