Vijaya Bank, Dena Bank, BoB to merge: Govt

The government will merge state-owned Vijaya Bank, Dena Bank and Bank of Baroda to create India’s third largest lender, a top government official said Monday.Boards of the three banks will examine amalgamation proposal, the department of financial services secretary, Rajeev Kumar, told a news conference here. He said the banking sector needs reforms and the government is taking care of banks’ capital needs. Rationalisation of overseas operation in banking sector is in full swing, he said, adding the government is keen to take steps so that history isn’t repeated as far as NPAs are concerned.