Merger of five subsidiary banks with SBI

Feb 15, 2017: Cabinet today approved merger of five subsidiary banks with State Bank of India. Briefing reporters in New Delhi today, Finance Minister Arun Jaitley said, the merger is likely to result in recurring saving, which is estimated at more than one thousand crore rupees in first year.He said, 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. (AIR News)