Press Esc to close
Wednesday 20 September 2017
News updated at 2:26 AM IST

Merger of SBI associates on hold

Last updated: 07 July, 2009
New Delhi, Press Trust of India : 21:18 IST

The proposed merger of the State Bank of Indore with the parent State Bank of India (SBI) is on as per the plan, but the merger of other associate banks has been put on hold, official sources said here on Tuesday.

State Bank of India initially had seven associates and with the merger of State Bank of Indore, the number would come down to five. Earlier in August 2008, SBI had merged State Bank of Saurashtra with itself. The sources said merger of other associate banks has been put on hold till further order. In June, State Bank of India had announced its plans to merge its smallest associate, State Bank of Indore, after respective boards passed resolutions to this effect. The announcement was opposed by bank unions who have threatened to go on strike.

Approval needed

The proposal for the merger of State Bank of Indore is subject to approval by RBI and the government.

The decision came a couple of weeks after Finance Minister Pranab Mukherjee asked public sector banks to look at consolidation as a serious option in order to reduce risks to financial stability and to face competition. SBI holds 98 per cent stake in the State Bank of Indore.

The merger of all associates of State Bank with SBI will take the total assets of the combined entity to rupees eight lakh-crore, which will help the lender to become a global financial powerhouse.

Besides from State Bank of Indore, SBI has five other associates namely State Bank of Travancore, State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore and State Bank of Hyderabad.

Go to Top

Photo Gallery
U.S. President Donald Trump addresses the 72nd United Nations General Assembly at U.N. headquarters

U.S. President Donald Trump addresses the 72nd United Nations General Assembly at U.N. headquarters

Rohingya refugees pose for a picture in a camp in Cox's Bazar, Bangladesh...

Rohingya refugees pose for a picture in a camp in Cox's Bazar, Bangladesh...

Commandos of the Quick Reaction Team (QRT) demonstrate during the 4th Maharashtra Police Commando...

Commandos of the Quick Reaction Team (QRT) demonstrate during the 4th Maharashtra Police Commando...

Underworld don Dawood Ibrahim's brother Iqbal Kaskar being produced in a court in Thane, Mumbai...

Underworld don Dawood Ibrahim's brother Iqbal Kaskar being produced in a court in Thane, Mumbai...

Michael Aaron Nii Nortey Oquaye, High Commissioner-designate of Ghana, presenting his credentials...

Michael Aaron Nii Nortey Oquaye, High Commissioner-designate of Ghana, presenting his credentials...

Congress workers protesting against the Modi Government over fuel price hike, in Mumbai...

Congress workers protesting against the Modi Government over fuel price hike, in Mumbai...

Security forces personnel inspect the site of a solar plant that was allegedly blown up by the...

Security forces personnel inspect the site of a solar plant that was allegedly blown up by the...

This Monday, Sept. 18, 2017, GOES East satellite image provided by NASA taken at 23:15 UTC, shows...

This Monday, Sept. 18, 2017, GOES East satellite image provided by NASA taken at 23:15 UTC, shows...

Devotees perform traditional Hindu ritual of 'tarpan' on the banks of River Ganga near the Howrah...

Devotees perform traditional Hindu ritual of 'tarpan' on the banks of River Ganga near the Howrah...

A top view during the unveiling of a kilometer long street 'Alpona' (sacred art painting) to...

A top view during the unveiling of a kilometer long street 'Alpona' (sacred art painting) to...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.