A cabinet chaired by Prime Minister Narendra Modi has approved the takeover by State Bank of India (SBI) of several subsidiaries. As earlier proposed, SBI was to take over five units that had been run at arms-length, as well as state-run Bharatiya Mahila Bank, a bank for women set up in 2013. This is the first move to consolidate the country’s struggling public sector banks.
SBI has 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. The merged entity will create a banking giant, which can compete with the largest in the world with an asset base of almost Rs 37 lakh crore, with 22,500 branches and 58,000 ATMs as on December 2015. SBI alone has close to 16,500 branches, including 198 foreign offices spread across 36 countries.
So let’s discuss some questions related to this post :
1. Name the Bank which has got the approval from cabinet to merge its associate banks and also Bharatiya Mahila Bank in it ?
2. The cabinet is chaired by whom, which has approved the merger of 5 associate banks and the Bharatiya Mahila Bank with SBI?
Courtesy: The Hindu