Govt gives nod to SBI- State Bank of Indore merger

The government has given an in-principle approval to State Bank of India (SBI) and State Bank of Indore’s merger, a senior finance ministry official said on Thursday.

“The boards of both the banks will now work out the modalities of the merger, and come to the government for final approval. We expect the merger to be completed by December,” the official said.

State Bank of India was unlikely to merge any more of its subsidiaries with self, the official said. SBI has already merged State Bank of Saurashtra in August last year.

India’s largest commercial bank has five other associate banks—State Bank of Travancore, State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore and State Bank of Hyderabad.