According to Minister of State for Finance - Mr. N.N. Meena, there is no proposal for merger of any nationalised bank with the State Bank of India (SBI) even as Govt. has granted approval to SBI to take forward negotiations with State Bank of Indore to acquire its business.
The government has granted permission to SBI for proceeding with negotiations with the State Bank of Indore for acquiring its business.
According to Mr. Meena, the government is of the view that the initiative for the consolidation or merger among the public sector banks should emanate from their managements, with the government playing a supporting role as a common shareholder.
Some of the expected benefits of merger are economies of scale in terms of footprint, manpower and other resources, timely response to augment efficiency, income generation etc., the minister said.
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