Cabinet approves merger of SBI, 5 associate banks

Cabinet approves merger of SBI, 5 associate banksUpdated on : 16-02-2017 11:11 AM
The Union Cabinet, chaired by the Prime Minister Narendra Modi, has approved the acquisition by the State Bank of India of its subsidiary banks namely State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore.


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

SBI will also boast of 22,500 branches and 58,000 ATMs, post merger. The customer base of the new entity will swell over 50 crore.

State Bank of India has about 16,500 branches, including 191 foreign offices spread across 36 countries.

The merger is likely to result in recurring savings, estimated at more than Rs. 1,000 crore in the first year, through a combination of enhanced operational efficiency and reduced cost of funds.

Existing customers of subsidiary banks will benefit from access to SBI's global network.

In another important decision, the Union Cabinet also approved signing of an Air Services Agreement (ASA) between India and Rwanda to allow the airlines of the two countries to operate services in each other's territory.

(AKS-16/02)

1
RBI: Inflation to remain within target rate t...

RBI: Inflation to remain within target rate t...

Updated on : 08-02-2017 09:46 PM
Reserve Bank keeps lending rate unchanged at 6.25 %. Growth is expected to recover sharply in 2017-18.
Current Affairs
DD News launches revamped App

DD News has launched its App (android/iOS) with ‘breaking news alert’ and many other new features.

Updated on : 19-02-2017 08:38 AM
Weather
 

DD News,Copernicus Marg
New Delhi-110001
Phone No. :
Designed and maintained by National Informatics Centre(NIC)

Since December 2013
Total Visitors:44802118
© Copyright DDNews 2013, All Rights Reserved.