Bank of Baroda on Monday said it has slashed the interest rate on loans for retail, personal and Micro, Small and Medium Enterprises (MSMEs) to 7.25 per cent with effect from March 28.
The public sector lenders were merged into Bank of Baroda at the beginning of the current financial year and, hence, ceased to operate as banking companies separately.
Post the merger, Bank of Baroda would be the third largest bank in the country.
Branches of Vijaya Bank and Dena Bank will function as Bank of Baroda outlets from April 1, following amalgamation of the two lenders with the latter, the RBI said Saturday.
The scrip of Dena Bank plummeted 19.77 per cent to Rs 14.40 on BSE. Shares of Vijaya Bank plunged 7.44 per cent to Rs 47.25.
Briefing reporters following the cabinet meeting, Law Minister Ravi Shankar Prasad said the merger will make the "transferee" Bank of Baroda the third largest bank in the country and a "globally competitive entity".
Services of state-owned banks are expected to be impacted on Wednesday due to a nation-wide strike call given by unions to protest against the proposed amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda.
Bank of Baroda is the transferee bank, while Vijaya Bank and Dena Bank are the transferor banks in the amalgamation process, it added.
The government last Monday announced the merger of three state-run banks -- Dena Bank, Vijaya Bank and Bank of Baroda -- that will make it the country's third-largest bank with a combined business of Rs 14.82 lakh crore.
Industry body Ficci termed the government's decision to merge three state-owned banks as a progressive move, noting that it signifies the government's commitment to strengthen the banking sector.
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