Commenting on the decision taken by government earlier today to merge Dena Bank, Vijaya Bank and Bank of Baroda, Rashesh Shah, President, FICCI said, "This is a progressive move and signifies the government's determination to strengthen the banking sector in the country for a better performance and service delivery."

"This merger will lead to greater operational efficiencies and the entities involved would benefit through a synergistic relationship that would leverage each other's network, customer base and access to low cost deposits," Shah said.

"FICCI welcomes this announcement and compliments the Finance Minister for continuing to move forward on the path of reforms. A stronger banking sector is vital for the overall health of the economy and we hope to see more such measures in the times ahead", added Shah.