State-run Bank of Baroda (BoB) has completed the IT integration of another 132 the former Vijaya Bank branches, more than a year after lenders were merged into a single entity.
State-run Bank of Baroda (BoB) has completed the IT integration of another 132 the former Vijaya Bank branches, more than a year after lenders were merged into a single entity. With this, 152 branches of the erstwhile Vijaya Bank have been integrated, enabling customers to get the banking experience as provided by Bank of Baroda. Post the IT integration, customers visiting these particular branches will be using the banking services of BoB instead of Vijaya Bank. Before the initiation of the migration process, all payment channels such as ATMs, NEFT, RTGS and IMPS, UPI, of Vijaya Bank and Dena Bank were integrated with BoB, news agency PTI reported.
The merger of Vijaya Bank and Dena Bank into Bank of Baroda came into effect in April last year. The merger saw 2,135 branches of Vijaya Bank and 1,777 branches of Dena Bank merge with BoB. “We took an incremental approach for migration. As a test case, we first migrated one branch of Vijaya Bank and then 10 branches. Earlier this month, we migrated another set of 10 branches, and this weekend we migrated 132 branches,” Sharad Saxena, BoB’s chief technology officer said. Now 1,983 Vijaya Bank branches remain to be integrated with Bank of Baroda. Saxena said the process will be completed by September-October this year.
The IT integration of Dena Bank branches is likely to start next month and be completed by the end of January next year. After the merger of Vijaya Bank and Dena Bank into Bank of Baroda, the merged entity became the third largest lender in the country, beating private sector lender ICICI Bank. In total the number of branches after the merger were increased to a massive 9,500. Prior to the merger, Dena Bank was under the Reserve Bank of India’s Prompt Corrective Action Framework. The central government had infused Rs 5,042 crore by way of preferential allotment of equity shares to ward-off any hindrance caused in operations post the merger.