Amalgamation with Vijaya Bank and Dena Bank makes the Vadodara-headquartered bank the second largest state-owned lender, third-largest in the country
Guwahati: Following its amalgamation with Dena Bank and Vijaya Bank, Bank of Baroda (BoB) on Monday became the second largest public sector bank in India, facilitating banking services to almost 9% of the country’s population, said Shiba Pada Nayak, regional head, BoB, at its regional office in Guwahati, Assam.
Announcing that the merger has created a more dynamic bank with the “Power of 3”, Nayak said that the merger was done on the grounds of suggestions from the Narasimham Committee on banking and social reforms.
Today, the ‘new’ BoB has 130 branches and around 150 ATMs across Northeast, excluding Sikkim, and all the three banks are profitable in the region, said Nayak, adding: “This means that a customer of Dena Bank, today, has access to many more branches and ATMs then he/she did earlier.”
The amalgamation will not just aid customers in India but also NRIs as well, as “foreign currency funding will now be available to customers of Vijaya Bank and Dena Bank and they will have access to Bank of Baroda’s international presence at 101 offices (101 branches worldwide)”, as per a press release.
With regards to confusion about everyday banking and transactions, the BoB regional head said, “Customers can now transfer (including RTGS) up to Rs 1 lakh from any branch of the three banks. Likewise, they can withdraw and deposit any amount under Rs 50,000 at any branch of either of the three banks. Customers can also get their passbooks updated or mini-statements collected from any branch, he added.
However, online transactions have been left untouched and they will continue as they were, until the full and final integration of the banks happens.
It is expected that roughly, in a year’s time, the comprehensive amalgamation will be complete. Until then, though merged, the banks will function under their respective names, with a tag stating “Now it is Bank of Baroda”.
The press meet was attended by Dinesh Kumar and Shankar K Mondal, chief managers of Vijaya Bank; Kamlesh Prasad, senior manager of Dena Bank; and Madhab Nath, deputy regional manager of Bank of Baroda.