5 Associate Banks Will Merge with SBI Soon [ Current Affairs ]
Country’s largest lender State Bank of India (SBI) and its associate banks have been approved by the Union Cabinet to bring the state-owned entity on a par with global lenders. And the 5 associate banks of SBI are:
- State Bank of Bikaner and Jaipur
- State Bank of Hyderabad
- State Bank of Mysore
- State Bank of Patiala
- State Bank of Travancore
- SBI’s market share will be rise from present 17 % to 22.5 - 23 % after the merger with total business of over 37 lakh crore rupees.
- It will have one-fourth of the credit and loan market in the country and SBI’s staff asset will increase by 35 - 49%.
- The complex object will get about 24, 000 branches and growth SBI’s network by 6, 000 branches.
- It will also have strong network of around 58, 700 ATMs through the country as of March 2016-end and shall employment around 2.85 lakh people in 2014 - 15.
- The Union Government had declared a road map for bank consolidation through Union Budget of year 2016 - 17 the merger move of SBI and its associate banks comes.
- This was predicted as essential to chance the huge infrastructure supporting needs of the country.
- This merger also aims to article Indian Bank in the top 50 banks of the world in terms of size as currently no bank in the country features in it.
About State Bank of India:
- State Bank of India (SBI) is an Indian multinational, public sector banking and financial services company.
- It is a government-owned corporation.
- Its headquarters located in Mumbai, Maharashtra.
- SBI had resources of INR 20, 480 billion (USD 310 billion) and more than 14, 000 branches As of 2014 - 15, including 191 foreign offices feast across 36 countries, making it the largest banking and financial services company in India by assets.
- Published on: June 17, 2016