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Across India, customers will now have access to a total of 8,248 domestic branches and 10,318 ATMs, Bank of Baroda said.
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"Vijaya Bank and Dena Bank have been excluded from the second schedule to the Reserve Bank of India Act, 1934 with effect from April 1, 2019, since they have ceased to carry on banking business with effect from April 1, 2019," RBI said in a notification.
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Dena Bank and Vijaya Bank got amalgamated with Bank of Baroda from this April.
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In this episode of Digging Deeper, we look at the merger in some detail, what it means for the sector, and also take a look briefly at what the future could look like for the banking sector in India.
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Following the merger, the RBI has decided to assign the lead bank responsibility of districts hitherto held by Vijaya Bank and Dena Bank, the central bank said.
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The consolidated bank, named as Bank of Baroda, has over 9500 branches, over 13,000 ATMs, 85,000 employees and 12 crore customers.
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According to the Scheme of Amalgamation, shareholders of Vijaya Bank will get 402 equity shares of BoB for every 1,000 shares held. In the case of Dena Bank, its shareholders will get 110 shares of BoB for every 1,000 shares.
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The top court dismissed the applications filed by several bank officers' associations for staying the merger, effective April 1.
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Dena Bank said the Reserve Bank has imposed a penalty on it for non-compliance with the directions issued on February 20, 2018.
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Besides, the board of the bank fixed March 11, 2019, as record date for issuing and allotting equity shares of the Bank of Baroda to the Shareholders of Vijaya Bank and Dena Bank.
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"We may relocate but closure or reduction of branches will not happen," said Karnam Sekar, Managing Director and CEO, Dena Bank.
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Total income of the bank also came down to Rs 2,293 crore in the quarter under review as against Rs 2,476 crore in the year-ago period, Dena Bank said in a regulatory filing.
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'Merged entity will have a structure of MD, ED and whatever is available in PSB. So only one MD will be there,' said Karnam Sekar, Dena Bank's CEO.
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The swap ratio appears fair in respect to Dena Bank owing to the multiple challenges faced by the bank, and most experts feel that Vijaya Bank shareholders have nothing to gain from this merger.
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The Cabinet on January 2 approved the merger of the three public sector banks
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The merged entity will be the country's third-largest lender after SBI and HDFC Bank with total assets of over Rs 10 lakh crore.
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Centre expects the combined business of the banks to stand at Rs 14.82 lakh crore.
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The board of directors of BoB had decided to give its 'in-principle approval' for the amalgamation of Vijaya Bank and Dena Bank with BoB at a meeting held on September 29, 2018, according to a release filed with the exchanges
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Dena Bank has also set an internal target to bring down its NPA by Rs 6,000 crore by March to strengthen its books prior to the amalgamation.
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Dena Bank's asset quality weakened further QoQ in quarter ended September 2018.
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Applications are being invited from chartered accountancy firms to value each bank and decide on the probable swap ratio.
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Last month, the government had announced amalgamation of three banks to create the country's third-largest lender.
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The government had announced the merger of Bank of Baroda, Vijaya Bank and Dena Bank on September 17, to create the country's third-largest lender.
