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India: SBI may soon get to merge its associate banks

By  |  June 6, 2016

The centre will soon approve State Bank of India’s proposal to merge its five associate banks and Bharatiya Mahila Bank, finance minister arun jaitley said on the sidelines of a meeting with PSU bank executives in New Delhi today..

”The proposal is pending with the government. The government will respond shortly. Government policy by and large supports consolidation. I had indicated it in the Budget itself,” Jaitley said after his quarterly performance review meeting with bank CEOs.

Asked if the centre had any other consolidation candidates before it, Jaitley replied in the negative. ”We are looking at SBI for the moment”, Jaitley said. .

The country’s largest lender, State Bank of India, had on 27 May said it was seeking the centre’s nod to merge its five associate banks and the newly created Bharatiya Mahila Bank with itself.

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