JOIN USThe decision was taken by the Cabinet at its meeting chaired by the prime minister.
“The government will introduce a Bill in Parliament for making consequential amendments in the SBI (Subsidiary Banks) Act, 1959 to remove references of the State bank of Indore to facilitate the merger,” the Information and Broadcasting Minister Ambika Soni told presspersons after the Cabinet meeting. This will be the second merger of an associate bank with the SBI after a similar exercise with the State Bank of Saurashtra in August 2008.
Following the merger, SBI will be left with five associate banks — State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad.
After acquisition of State Bank of Saurashtra, the issue of acquisition of its associate banks has been engaging the attention of SBI.