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An omitted value of a transcendental meromorphic function $f$ is called a Baker omitted value, in short \textit{bov} if there is a disk $D$ centered at the bov such that each component of the boundary of $f^{-1}(D)$ is bounded. Assuming that the bov is in the Fatou set of $f$, this article investigates the dynamics of the function. Firstly, the connectivity of all the Fatou components are determined. If $U$ is the Fatou component containing the bov then it is proved that a Fatou component $U'$ is infinitely connected if and only if it lands on $U$, i.e. $f^{k}(U') \subset U$ for some $k \geq 1$. Every other Fatou component is either simply connected or lands on a Herman ring. Further, assuming that the number of critical points in the Fatou set whose forward orbits do not intersect $U$ is finite, we have shown that the connectivity of each Fatou component belongs to a finite set. This set is independent of the Fatou components. It is proved that the Fatou component containing the bov is completely invariant whenever it is forward invariant. Further, if the invariant Fatou component is an attracting domain and compactly contains all the critical values of the function then the Julia set is totally disconnected. Baker domains are shown to be non-existent whenever the bov is in the Fatou set. It is also proved that, if there is a $2$-periodic Baker domain (these are not ruled out when the bov is in the Julia set), or a $2$-periodic attracting or parabolic domain containing the bov then the function has no Herman ring. Some examples exhibiting different possibilities for the Fatou set are discussed. This includes the first example of a meromorphic function with an omitted value which has two infinitely connected Fatou components.