The amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda (BoB) came into effect from _________.

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SSC CGL Previous Paper 82 (Held On: 9 March 2020 Shift 3)
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  1. 1 June 2019
  2. 1 January 2019
  3. 1 April 2018
  4. 1 April 2019

Answer (Detailed Solution Below)

Option 4 : 1 April 2019
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The amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda (BoB) came into effect from 1 April 2019.

  • With amalgamation with BOB to create India's third largest bank.
  • According to the Amalgamation Scheme, Vijaya Bank shareholders would earn 402 BoB equity shares for every 1,000 shares owned.
  • In Dena Bank's case its shareholders will receive 110 BoB shares per 1,000 shares.
  • The three-way merger announcement was among many reform initiatives undertaken by Financial Services Secretary Rajiv Kumar to make public-sector banks (PSBs) stable, robust and competitive globally.
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