The merger of State Bank of India’s remaining five associate banks may get delayed as the government is keen that the amalgamation takes place in a staggered manner. The finance ministry is also likely to seek from the State Bank of India details on the cost of merging the remaining associates.
After the State Bank of Indore’s merger with SBI became effective, SBI chairman OP Bhatt had said the bank will soon discuss with the government on the process of merging other associate banks.
Out of the five associate banks, SBBJ, State Bank of Mysore and State Bank of Travancore are listed. The unlisted ones are State Bank of Patiala and State Bank of Hyderabad.
According to a senior SBI official, there would be no delay in the amalgamation of State Bank of Patiala or Hyderabad, and the government in-principle agrees with SBI’s consolidation move.
SBI had earlier submitted a proposal indicating that it would need around Rs 39,000 crore for the next three financial years for the purpose of expansion and mergers, if any.
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