The objective of amalgamation of the banks is to facilitate consolidation among Public Sector Banks (PSBs) to create strong and competitive banks capable of achieving economies of scale and realisation of synergy benefits with wider product and service offering for customers.
This was stated by Shri Anurag Singh Thakur, Minister of State for Finance < Corporate Affairs, in a written reply to a question in Lok Sabha today.
The amalgamation of Vijaya Bank and Dena Bank into Bank of Baroda (BoB) was effected on 1.4.2019. As per the input received from BoB, the total number of branches of the amalgamating banks i.e. BoB, erstwhile Dena Bank (eDB) and erstwhile Vijaya Bank (eVB), as on 31.3.2019, was 9,447 which increased to 9,481 branches as part of the amalgamated entity, as on 29.2.2020, and the rural branches too increased from 2,930 to 2,934 during this period.
