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The Central cabinet has approved the merger of SBI and associate banks – State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad.
SBI will become one of the top 50 banks in the World. Last month SBI mooted the proposals for merger of its five susidiary banks with itself and aquisition of newly set up Bharateeya Mahila Bank . Mr. Ravishankar Prasad telecom Minister said, when asked whether the merger was approved by the cabinet, he said cabinet approved the merger of associate banks with the SBI, “kindlly wait a structured briefing.”