Associate Banks’ Merger with SBI Gets Union Cabinet Approval

SBI

New Delhi: The Union Government has okayed the merger plan of SBI and its five associate banks but did not take a decision with regard to Bharatiya Mahila Bank.

State Bank of Bikaner & Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Patiala (SBP) and State Bank of Hyderabad (SBH) are the associate banks which will be merged with the SBI.

“With this merger, the SBI, with all these five subsidiaries merging in it, will also become a very large bank, not merely from a domestic point of view but actually a global player in its very size,” Arun Jaitley, Union Finance Minister, said after the Union Cabinet meeting the other day.

With the merger of all the five associates, SBI is expected to become a global-sized bank with an asset base of Rs. 37 trillion (Rs. 37 lakh crore).