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Lok Sabha clears bill to merge subsidiary banks with SBI
August 11 , 2017
2693 days
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- Lok Sabha passed bills on August 10, clearing the merger of subsidiary banks of State Bank of India with the parent bank.
- Five associates and the Bharatiya Mahila Bank became part of SBI from April 1.The five associates are the State Banks of Bikaner & Jaipur, Hyderabad, Mysore, Patiala and Travancore. Following the merger, the total customer base of SBI increased to 37 crore with a branch network of around 24,000 and nearly 59,000 ATMs.
- Lok Sabha passed the bill to repeal the SBI (Subsidiary Banks) Act 1959 and State Bank of Hyderabad Act 1956, and to amend the State Bank of India Act 1955, following the merger of five associates with SBI. By this merger, SBI is in the list of top 50 banks in the world.SBI enters the list of top 50 banks globally, with 45th place.
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