SBI - State Bank of Indore merger gets approval from govt

The State Bank of India (SBI) and State Bank of Indore merger have been finally approved by the government. A senior finance ministry official informed that the government has given an in-principal approval to the merger.

The official informed, “The boards of both the banks will now work out the modalities of the merger, and come to the government for final approval. We expect the merger to be completed by December”.

The official added that State Bank of India is not planning any more mergers of its subsidiaries with self. Last year in August SBI had merged State Bank of Saurashtra with self.

At present country’s largest commercial bank is having five other associate banks- State Bank of Travancore, State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore and State Bank of Hyderabad.