Cabinet has approved merger of five subsidiary banks with State Bank of India. Briefing reporters in New Delhi , Finance Minister Arun Jaitley has stated that, the merger is likely to result in recurring saving, which is estimated at more than one thousand crore rupees in first year.
He stated that, SBI will acquire State bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore. Mr Jaitley also said, existing customers of these subsidiary banks will benefit from access to SBI’s global network. He said, the move is excepted to strengthen banking sector and improve its efficiency and profitability.
Source- The Hindu