SBI merger with associates to be cleared soon, assures Jaitely

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Arun-Jaitley-PTI1Finance Minister Arun Jaitley said on Monday that decision on State Bank of India’s (SBI) proposal of merging five subsidiaries and the Bharatiya Mahila Bank with itself would be taken soon.

Jaitley stated that the Government is looking at the largest lender at the moment. “The Government would soon take a call on the proposal. I have indicated that in the budget itself,” the minister said.

When asked about timeline for the decision, Jaitley replied that it would be done shortly. Notably, SBI Board, last month, gave its nod to the proposal for merger of its five subsidiary banks — State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad – as well as the Bharatiya Mahila Bank and sought the Government’s approval for the same.