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India: SBI merger may be delayed as banks yet to seek CCI approval

By  |  February 20, 2017

The merger of State Bank of India and its associate banks is likely to be delayed further as the PSUs are yet to receive approval from the Competition Commission of India.

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    While the Union Cabinet had approved the merger last week, an RTI query by The Hindu revealed that the mandatory CCI clearance is yet to come. Finance Minister Arun Jaitley on Wednesday said the Cabinet has approved the merger of the SBI and its five associate banks: State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore.

    “The commission has not given permission for the takeover of subsidiary banks,” the paper reported on Wednesday quoting CCI’s reply to its RTI query.

    It also said that these “five subsidiary banks have not sought permission from the CCI either individually or collectively for the takeover.”

    Full Content: DNA India

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