Banking News

Union Cabinet approves take-over by State Bank of India (SBI) of all the 5 of its subsidiaries


In a leading move to the consolidation of struggling public sector banks, Union Cabinet today (15th Jun 2016) has approved take over of State Bank of Bikaner and Jaipur, State Bank of Hyderabad , State Bank of Mysore and State Bank of Travancore by State Bank of India. The Government sources said that the above move is towards Government’s step to consolidate the state banks so that they can extend fresh credit and help drive an investment-led recovery of  the economy.

SBI’s board has already approved the takeover of above stated all the 5 subsidiaries as well as Bharatiya Mahila Bank.

 

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