Finance Minister introduces Bill to revoke SBI (Subsidiary Banks) Act in LS

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Union Finance Minister Arun Jaitley has introduced a Bill in the Lok Sabha that would revoke the State Bank of India (Subsidiary Banks) Act, 1959 and the State Bank of Hyderabad Act, 1956.

The revoke of these two laws became necessary as all the subsidiary banks of State Bank of India (SBI) and State Bank of Hyderabad merged into SBI on April 1.

The State Bank of Bikaner and Jaipur, State Bank of Mysore and State Bank of Travancore were constituted under the State Bank of India (Subsidiary Banks) Act 1959.

The State Bank of Hyderabad was initially founded as Hyderabad State Bank but was later renamed as State Bank of Hyderabad as per the State Bank of Hyderabad Act 1956.

SBI had complete ownership of both State Bank of Hyderabad and State Bank of Patiala.

Further, SBI earlier carried 90 per cent shareholding in State Bank of Mysore, 75.07 per cent in State Bank of Bikaner & Jaipur and 79.09 per cent in State Bank of Travancore.