The Lok Sabha passed a bill that approved merger of associate banks with the SBI with the government. The Lok Sabha passed the bill to repeal the SBI (Subsidiary Banks) Act 1959, State Bank of Hyderabad Act 1956 and to further amend the State Bank of India Act, 1955, following the merger of five associates with the parent SBI.
State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT) merged with SBI on 1 April along with the Bharatiya Mahila Bank.
Important Takeaways from Above News-
- Post merger, SBI has entered the list of top 50 banks globally.
- Merger increased the total customer base of SBI to 37 crore, a deposit base of Rs 26 lakh crore, a branch network of around 24,000 and nearly 59,000 ATMs.
Source- The Hindu Business Line