Vijaya Bank board meeting on Sep 29 to consider merger proposal

The board of Vijaya Bank will meet on September 29 to consider the government's proposal for consolidation of three banks led by Bank of Baroda.

Bank of Boarda board is also scheduled to meet the same day to approve amalgamation proposal.

The meeting of board of directors has been scheduled on September 29, 2018 to consider the amalgamation proposal of Bank of Baroda, Vijaya Bank and Dena Bank, Vijaya Bank said in a filing to stock exchanges.

Earlier this month, the government announced plans to merge Bank of Baroda, Vijaya Bank and Dena Bank to create the country's third largest lender as part of efforts to revive credit and economic growth.

The board of Dena Bank has already given its approval to the merger proposal.

Last year, State Bank of India had merged with itself five of its subsidiary banks and took over Bharatiya Mahila Bank, following a similar decision by the government.

The government owns majority stakes in 21 lenders, which account for more than two-thirds of banking assets in the Asia's third biggest economy.