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Cabinet approves merger of 5 associate banks with SBI
Posted on: 16/Feb/2017 1:39:28 PM
The Union Cabinet has approved the merger of India’s leading State Bank of India with its associate banks. Very soon SBI will merge with its associate banks.
In the year 2008 State Bank of Saurashtra merged with SBI. Similarly State Bank Of Indore also merged with SBI in the year 2010.
In view of this, the State Bank Of India also wanted to merge with its associate banks State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, and State Bank of Travancore.
It was decided to merge State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, and State Bank of Travancore with India’s leading bank State Bank Of India. In this State Bank of Bikaner and Jaipur, State Bank of Mysore and State Bank of Travancore are listed in the stock market.
At this juncture, the cabinet meeting was held in Delhi under the leadership of Prime Minister Narendra Modi. In this meeting the approval of merging 5 associate banks with SBI was given.
Currently State Bank Of India has 16,500 branches. In this there are 191 branches in 36 foreign countries. After the merger, State Bank Of India will have an asset base of Rs 37 lakh crore and 22,500 branches. It will have over 50 crore customers.
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