The Cabinet on Wednesday gave go-ahead to the merger of State Bank of India (SBI) and its associate lenders that would make the state-owned lender a global-sized bank.
India’s largest lender SBI had last month mooted the proposal for merger of its five subsidiary banks with itself and acquisition of the newly set up Bharatiya Mahila Bank. SBI has five associate lenders — State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad.
She further said that with this merger the network of SBI will increase and its reach multiply. One can expect efficiencies to be created from rationalisation of branches, common treasury pooling and proper deployment of a large skilled resource base, Bhattacharya said. “Customers of associates and subsidiaries of the Bank will also be beneficiaries. Any introduction of new technology by SBI would simultaneously be available uniformly. The scale of operations and common cost would get rationalised. Overall, the synergies being pooled at one place are going to be a big positive,” she added.
The merged entity will become a banking behemoth, which could compete with the largest in the world, with an asset base of Rs 37 trillion (Rs 37 lakh crore) or over US $555 billion, with 22,500 branches and 58,000 ATMs. It will have over 50 crore customers.
Presently SBI has close to 16,500 branches, including 191 foreign offices spread across 36 countries. SBI first merged State Bank of Saurashtra with itself in 2008. Two years later, State Bank of Indore was merged with it.
@Agency report.
Nearly five women die every hour in India from complications developed during childbirth, with heavy blood loss caused by haemorrhage being a major factor, WHO has said.
Hyderabad: The National Schedule Caste Commission (NCSC) will direct Cyberabad police to act on Prevention of SC/ST Atrocities (PoA) charges slapped against five persons including Union Minister Bandaru Dattatreya and Vice-Chancellor of University of Hyderabad P. Appa Rao in connection with Rohith Vemula suicide case, said NCSC Chairman P.L. Punia, on Wednesday.
The Jaish-e-Mohammed leader who gave directions over phone to the terrorists during the attack on the Pathankot airbase has reportedly managed to flee to Afghanistan from Pakistan, an official said.
Seeking to quash the orders of the Union environment ministry and state governments of Bihar, Uttarakhand and Himachal Pradesh on culling of animals, activists are set to move Supreme Court against it. Just last week, Union cabinet colleagues Maneka Gandhi and Prakash Javadekar were involved in a war of words on the environment ministry’s decision to declare Rhesus Macaque monkeys as vermins in Himachal Pradesh for a year, allowing to kill them for damaging crops and property. The ministry has already allowed culling of nilgai and wild boars in Uttarakhand and Bihar while proposals from Gujarat and Maharashtra are pending.
US President Barack Obama will meet the Dalai Lama at the White House today, a move likely to infuriate China which considers the exiled Tibetan spiritual leader as a separatist.
Leaving behind the bitterness of migration, Kashmiri Pandits turned up in thousands to take a holy dip in the Sangam (confluence) of Jhelum and Sindh rivers to celebrate the Maha Kumbh which has happened after 75 years, signalling a good omen for the strife-torn Kashmir valley.
A British member of parliament was shot dead in the street on Thursday, causing deep shock across Britain and the suspension of campaigning for next week’s referendum on the country’s EU membership.
The World Health Organization’s research arm has downgraded its classification of coffee as a possible carcinogen, declaring there isn’t enough proof to show a link to cancer.
The main locations of wreckage from the EgyptAir jet that crashed in the eastern Mediterranean in May have been identified by a vessel owned by Deep Ocean Search, the Egyptian-led investigation committee said Wednesday.
Mitsubishi Motors Corp used improper fuel economy data for additional models that are no longer being sold and plans to report on the matter soon to Japan’s transport ministry, local media reported on Wednesday.
Alarmed by the security threat posed by Unmanned Aerial Vehicles (UAVs) and Unmanned Aircraft Systems (UASs), the Indian Air Force (IAF) has sought a ban on them in the proximity of defence installations in Jammu and Kashmir (J &K) and Punjab.
A Chinese navy reconnaissance ship entered Japanese territorial waters on Wednesday while tailing two Indian naval ships participating in the trilateral Malabar naval exercise with the US and Japan, a Japanese official has said.