SBI merger could spill over to next financial year

Consolidation of books to take 30 days from announcement of merger date

State Bank of India (SBI) will need at least 30 days from the announcement of the effective date of merger of associate banks to consolidate the books.

The merger process is likely to spill over into the next financial year.

The Cabinet on Wednesday approved the merger of its associate banks — State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore — with State Bank of India. A formal notification in this regard is awaited from the Government of India, which would state the effective date