Government Proposed to merge 3 PSBs – BOB, DENA & VIJAYA

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Last Monday Government proposed to merge three Public Sector Banks i.e. Bank of Baroda, Dena & Vijya Bank for creating the third largest lender of India.  This decision of merger was taken by the “Alternative Mechanism” (a ministerial penal comprising finance minister Arun Jaitely, Railway Minister Piyush Goyal and defence Minister Nirmala Sitharaman) which suggests the Boards for three Public Sector Banks to consider the proposed amalgamation.  This amalgamated bank would be the third largest bank of the country, however, name of this amalgamated bank is yet not decided.  The Secretary of financial services also assured the banks for providing capital till the merger process is completed.  This amalgamation of three PSBs would be the 4th major restructuring in the banking sector by the Narender Modi Government.   Finance Minister Mr. Arun Jaitely assured that the interests of employees will be protected and service conditions will not be diluted as the best of the service conditions continue to apply to all of them.

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