Banks’ merger: New entity from April 1

New Delhi, September 18 

The new entity to be formed with the merger of Bank of Baroda, Vijaya Bank and Dena Bank will be operational in the beginning of the next financial year, sources said.

These three banks would work on strict timeline and necessary regulatory process is expected to be over by the end of 2018-19, they said adding that the merged entity should be operational from April 1, 2019.

The scheme of the amalgamation will be formed subsequent to Board meetings of the banks this month. The scheme will have various details, including share swap ratio and requirement of capital from the promoter, sources said. The move follows SBI last year merging with itself five of its subsidiary banks and taking over Bharatiya Mahila Bank. — PTI