The Cabinet last month gave the final approval on the amalgamation of SBI and its five associate banks but the merger of Bharatiya Mahila Bank (BMB) was not considered then due to some issues, reported The Financial Express.
The Cabinet last month approved amalgamation of five associates banks with SBI but the merger of BMB was not considered due to some issues.
The Union Cabinet has already given in-principle approval to the merger of BMB with SBI. With the final approval, the first round of consolidation of public sector banks would be over.
Reportedly, with the merger of all the five associates, SBI is expected to become a lender of global proportions with an asset base of Rs 37 trillion (Rs 37 lakh crore) or over USD 555 billion, 22,500 branches and 58,000 ATMs. It will have over 50 crore customers.