Union Cabinet clears SBI's merger with five subsidiary banks

Last Updated: Wed, Feb 15, 2017 19:33 hrs
FILE PHOTO -  A security personnel stands guard in front of the State Bank of India regional office in Kolkata

The Union Cabinet has on Wednesday cleared the proposal for merger of State Bank of India with its five subsidiary banks, Finance Minister Arun Jaitley announced.

The five subsidiary banks are the State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore and State Bank of Hyderabad. They will be merged with SBI.

The government estimates that it will result in savings worth Rs 1000 crore in the first year and lead to the creation of a stronger "merged entity".

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