Three Banks Merger

The Cabinet recently approved the merger of Bank of Baroda with which two banks

Question: The Cabinet recently approved the merger of Bank of Baroda with which two banks?
(a) Dena Bank and Vijaya Bank
(b) Vijaya Bank and RBL Bank
(c) RBL Bank and IDBI Bank
(d) IDBI Bank and Dena Bank
Answer: (a)
Related facts:

  • On 2nd January, 2019, Union Cabinet, chaired by Prime Minister Narendra Modi approved the ‘Scheme of Amalgamation’ for merger of Bank of Baroda, Vijaya Bank and Dena Bank.
  • The amalgamation will be the first-ever three-way consolidation of banks in India. The scheme shall come into force on 1.4.2019.
  • The merger of Bank of Baroda, Dena Bank and Vijaya Bank was proposed by the Union Finance Ministry on September 17, 2018.

Links:
http://pib.nic.in/newsite/PrintRelease.aspx?relid=187080
https://www.thehindu.com/business/Economy/dena-bank-vijaya-bank-bob-to-merge/article24970725.ece