India to merge three state-owned banks
India plans to merge three state-run banks, Bank of Baroda, Dena Bank and Vijaya Bank, the financial services secretary said on Monday, as part of efforts to clean up the country's banking system.
The government will continue to provide capital support to the merged bank, expected to be India's third largest, Rajeev Kumar told reporters.
“It is a major economic, commercial decision,” finance minister Arun Jaitley added.
