The Banking Companies (Acquisition and Transfer of Undertakings) Acts of 1970 and 1980 provide that the central government, in consultation with RBI, may make a scheme for amalgamation of any nationalised bank with any other nationalised bank or any other banking institution, he said.
To facilitate consolidation in the public sector banking space, the Cabinet in August gave in-principle approval for PSBs to amalgamate through an Alternative Mechanism (AM).
A report on the proposals cleared by it will be sent to the Cabinet every three months.
With the merger, SBI joined the league of top 50 banks globally in terms of assets. The total customer base of the bank will reach 37 crore with a branch network of around 24,000 and nearly 59,000 ATMs across the country.
The merged entity began with deposit base of more than Rs 26 lakh crore and advances level of Rs 18.50 lakh crore.