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The State Bank of India will initiate consolidation in the banking industry by combining its five associate banks as it prepares to fund the economy. The move will enhance the asset base of <keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword> to Rs 21.9 lakh crore and add 5,658 branches to its current number of 15,143 branches. The combined market share will rise to 24% from the current 19%. 
 SBI’s five associates include the <keyword id="6560713" type="COMPANY" weightage="100" keywordseo="State-Bank-of-Travancore">State Bank of Travancore</keyword>, the <keyword id="143585" type="COMPANY" weightage="100" keywordseo="State-Bank-of-Hyderabad">State Bank of Hyderabad</keyword>, the <keyword id="4376212" type="COMPANY" weightage="100" keywordseo="State-Bank-of-Patiala">State Bank of Patiala</keyword>, the State Bank of Bikaner and Jaipur and the State Bank of Mysore. 
 
“When I came in, there were a number of fires in the parent itself. So if you have to do something, first you need to look at the mother ship. Once the mother ship is in a better form, then obviously, you can start looking at other areas. So I think that time has come or it is approaching,” said SBI chairperson Arundhati Bhattacharya. 
 
She called for changes in a number of laws enacted by the previous UPA government like the Land Acquisition Act and the Companies Act. 
 
“While it (the Land Acquisition Act) has done a good thing to ensure that landowners get adequate compensation, the process has become long (the relief and rehabilitation process is too difficult to negotiate). In the new Companies Act, there are various features that make it so draconian that it is difficult to source independent members of the board,” she said.

SBI To Merge Five Associate
Banks With Itself

The finance ministry has asked four large <keyword id="44530" type="COMPANY" weightage="20" keywordseo="PSU">PSU</keyword> lenders to explore opportunities for acquisition of small and mid-sized banks with a goal to create global sized lenders, sources told PTI. One of the possibilities is that large public sector banks (PSBs) like Punjab National Bank, Bank of Baroda, Canara Bank and Bank of India could try looking for potential candidates for acquisition, they said. So, informally, the finance ministry has sounded them that they should study the possibility for mergers and acquisitions so as to acquire scale and size of <keyword id="6354731" type="CITY" weightage="20" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (<keyword id="13222" type="CITY" weightage="20" keywordseo="SBI">SBI</keyword>), the sources added. There are factors like regional balance, geographical reach, financial burden and smooth human resource transition that have to be looked into while taking a merger decision, they said, adding there should not be merger of a very weak bank with a strong one "as it could pull the latter down". However, the clear picture would emerge only after the Niti Aayog report sets the tone and tenure of the roadmap for the second round of consolidation in the banking sector. In the last consolidation drive, five associates and Bharatiya Mahila Bank (BMB) became part of SBI on April 1, 2017, catapulting the country's largest lender to among the top 50 banks in the world. <keyword id="229649" type="COMPANY" weightage="20" keywordseo="State-Bank-of-Bikaner">State Bank of Bikaner</keyword> and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), <keyword id="4376212" type="COMPANY" weightage="20" keywordseo="State-Bank-of-Patiala">State Bank of Patiala</keyword> (SBP) and <keyword id="6560713" type="COMPANY" weightage="20" keywordseo="State-Bank-of-Travancore">State Bank of Travancore</keyword> (SBT), besides BMB, were merged with SBI. With the merger, the total customer base of the SBI reached around 37 crore with a branch network of around 24,000 and nearly 59,000 ATMs across the country. The merged entity began operation with deposit base of more than Rs 26 lakh crore and advances level of Rs 18.50 lakh crore. The government in February had approved the merger of these five associate banks with SBI. Later in March, the cabinapproved merger of BMB as well. SBI first merged State Bank of Saurashtra with itself in 2008. Two years later, State <keyword id="269823" type="COMPANY" weightage="20" keywordseo="Bank-of-Indore">Bank of Indore</keyword> was merged with it. Enthused by the success of SBI merger, the finance ministry is considering clearing another such proposal in the public sector banking space by this fiscal-end. Another round of merger should kick off once the non- performing assets (NPAs) situation improves. Toxic loans of public sector banks rose by over Rs 1 lakh crore to Rs 6.06 lakh crore during April-December of 2016-17, the bulk of which came from power, steel, road infrastructure and textile sectors.

This is why the Finance Minister wants to acquire more small and mid-sized banks

The finance ministry has initiated the process for finding new chief of the country's largest lender <keyword id="6354731" type="CITY" weightage="20" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (<keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword>) as Arundhati <keyword id="721" type="PERSON" weightage="100" keywordseo="Bhattacharya">Bhattacharya</keyword>'s extended term comes to an end on October 6, according to PTI. "Department of Financial Services has communicated to Banks Board Bureau the emerging vacancies at the top level of <keyword id="44530" type="COMPANY" weightage="20" keywordseo="PSU">PSU</keyword> banks which will have to be filled during course of the year," a senior finance ministry official said. This also includes chairman and one managing director of the SBI, which alone has markshare of more than 20 per cent. Bhattacharya will complete her four-year term as chairperson of SBI on October 6. Besides chairman, SBI has four managing directors looking after different departments. The post assumes significance as the bank has recently merged five associates and the Bharatiya Mahila Bank (<keyword id="423104" type="ORGANIZATION" weightage="20" keywordseo="BMB">BMB</keyword>) pushing SBI into the league of top 50 banks globally in terms of assets. State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and <keyword id="6560713" type="COMPANY" weightage="20" keywordseo="State-Bank-of-Travancore">State Bank of Travancore</keyword> (SBT), besides BMB, merged with SBI with effect from April 1. The process of integration would at least take a year. The government had in February approved the merger of these five associate banks with SBI. Later in March, the Cabinet approved merger of BMB as well. SBI first merged <keyword id="82725" type="COMPANY" weightage="20" keywordseo="State-Bank-of-Saurashtra">State Bank of Saurashtra</keyword> with itself in 2008. Two years later, State <keyword id="269823" type="COMPANY" weightage="20" keywordseo="Bank-of-Indore">Bank of Indore</keyword> was merged with it. For the fourth quarter ended March 2017, the bank reported more than doubling of its net profit on the back of increased lending and reduction in provisioning for bad loans. Net profit of the bank on standalone basis rose to Rs 2,814.82 crore for the March quarter as against Rs 1,263.81 crore in the same period of previous fiscal 2015-16. For the entire fiscal ended March 2017, the net profit of the bank improved by 5.36 per cent to Rs 10,484 crore as against Rs 9,951 crore in the previous fiscal. With stock prices inching up, SBI has lined up share sale through which it intends to raise Rs 15,000 crore during the current fiscal. It is in the process of appointing six merchant bankers for managing its proposed share sale. The central government holds 62.22 per cent stake in the bank as of March 2017.

Who is becoming SBI’s new chief after Bhattacharya?

India’s largest lender <keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (<a href="http://www.businessinsider.in/SBI-aims-for-unbanked-rural-India-for-business-correspondent-model/articleshow/53315581.cms">SBI</a>) has approved the merger of its operations with six associate banks, viz. <keyword id="6560713" type="COMPANY" weightage="100" keywordseo="State-Bank-of-Travancore">State Bank of Travancore</keyword>, <keyword id="4376211" type="COMPANY" weightage="100" keywordseo="State-Bank-of-Mysore">State Bank of Mysore</keyword>, <keyword id="4376209" type="UNKNOWN" weightage="100" keywordseo="State-Bank-Of-Bikaner-and-Jaipur">State Bank of Bikaner and Jaipur</keyword>, <keyword id="143585" type="COMPANY" weightage="100" keywordseo="State-Bank-of-Hyderabad">State Bank of Hyderabad</keyword>, <keyword id="4376212" type="COMPANY" weightage="100" keywordseo="State-Bank-of-Patiala">State Bank of Patiala</keyword>, and Mahila Bank. 
 It was in June that the centre had given the go-ahead to merge <keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword> with five of its associate lenders and <keyword id="6560712" type="UNKNOWN" weightage="100" keywordseo="Bharatiya-Mahila-Bank">Bharatiya Mahila Bank</keyword>, thus increasing the chances of it breaking into the top 50 list of Bloomberg's largest bank by asset ranking. 
 
Marking the first ever large-scale consolidation in the Indian banking industry, the merger will result in SBI becoming a huge banking entity with an asset book of Rs 37 lakh crore. 
 
Also read: <a href="http://www.businessinsider.in/SBI-directs-associate-banks-to-clean-up-books-before-merger/articleshow/53611963.cms">Clean up books before merger, SBI directs associate banks</a> 
 
As per the terms of the merger, SBI will give 28 of its shares for every 10 shares held of State Bank of Bikaner and Jaipur, while for every 10 shares held of State Bank of Mysore as well as State Bank of Travancore, it will give 22 of its shares. 
 
For for every 100 crore equity shares of Bhartiya Mahila Bank, SBI will be giving 4,42,31,510 shares with face value of Re. 1. 
 
Also read: <a href="http://www.businessinsider.in/SBI-Chairman-blames-stalled-projects-for-Indian-banking-sector-stress/articleshow/53080413.cms">Stalled projects from 2011 to 13 have put Indian banking sector into stress, says SBI Chairman</a> 
 
Comparing post-merger SBI with India’s second largest bank <a href="http://www.businessinsider.in/At-745-million-this-ICICI-Pru-Life-IPO-is-Indias-biggest-in-six-years/articleshow/53265064.cms">ICICI</a>, its asset base will become five times as big as ICICI’s. 
 
<a href="http://3.bp.blogspot.com/_NfBLGD5BAo8/TVOzs86G8WI/AAAAAAAAASE/H6PHjHGPWcY/s1600/IMG_1930.JPG">Image source</a>

Six banks are going to merge into SBI

Employees of <keyword id="6354731" type="CITY" weightage="80" keywordseo="State-Bank-Of-India">State Bank of India</keyword>'s associate banks, including State Bank of Mysore, State Bank of Patiala, State Bank of Travancore and <keyword id="143585" type="COMPANY" weightage="80" keywordseo="State-Bank-of-Hyderabad">State Bank of Hyderabad</keyword> went on a one-day <keyword id="6358138" type="UNKNOWN" weightage="60" keywordseo="Strike">strike</keyword> on Thursday. They are protesting against the decision to merge these banks with the SBI permanently. The employees demanded filling up of vacancies, increasing the number of staff in the <keyword id="157757" type="UNKNOWN" weightage="80" keywordseo="housing-loan">Housing loan</keyword> section and extending the compassionate ground appointments to associate banks, a PTI report said. 
		 
	
		The SBI associate banks employees also warned the management that they would go for a nationwide strike on June 24 if their demands are not fulfilled. They want the management to find a solution soon. 
		 
	
		Recently, talks were held in Delhi over the matter, but failed to reach a conclusion. This prompted the unions to call for the strike. The <keyword id="6452174" type="ORGANIZATION" weightage="80" keywordseo="All-India-Bank-Employees-Association">All India Bank Employees Association</keyword> claimed that 50,000 employees participated in the strike today. 
	(Image: Indiatimes)

SBI's associate banks employees on strike today

Government is considering giving a one-year extension to <keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword> chief <keyword id="6379603" type="PERSON" weightage="100" keywordseo="Arundhati-Bhattacharya">Arundhati Bhattacharya</keyword> amid the lender's consolidation with its associate banks. 
 
"There is a need for continuity at a time when the process of consolidation is going on," sources told an agency. 
 
In this regard, the government is looking at the proposal of granting extension to the current chairperson whose three-year term comes to an end this month, sources added. 
 The government has also received views of the <keyword id="2748088" type="UNKNOWN" weightage="20" keywordseo="Bank-Board-Bureau">Bank Board Bureau</keyword> (BBB) on the extension issue and an order in this regard is expected in the next few days, according to the news agency. 
 Earlier this year, the <keyword id="6355513" type="ORGANIZATION" weightage="20" keywordseo="cabinet">Cabinet</keyword> gave its nod for the merger of <keyword id="6354731" type="CITY" weightage="20" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (SBI) and its associate lenders and <keyword id="6560712" type="UNKNOWN" weightage="20" keywordseo="Bharatiya-Mahila-Bank">Bharatiya Mahila Bank</keyword> (<keyword id="423104" type="ORGANIZATION" weightage="20" keywordseo="BMB">BMB</keyword>) that would make the state-owned lender a global-sized bank. 
 SBI has five associate lenders -- <keyword id="229649" type="COMPANY" weightage="20" keywordseo="State-Bank-of-Bikaner">State Bank of Bikaner</keyword> and Jaipur, <keyword id="6560713" type="COMPANY" weightage="20" keywordseo="State-Bank-of-Travancore">State Bank of Travancore</keyword>, State Bank of Patiala, State Bank of Mysore and <keyword id="143585" type="COMPANY" weightage="20" keywordseo="State-Bank-of-Hyderabad">State Bank of Hyderabad</keyword>. 
 
Among the associate banks, State Bank of Bikaner and Jaipur, State Bank of Mysore and State Bank of Travancore are listed. 
 
The merged entity will become a banking behemoth, which could compete with the largest in the world, with an asset base of Rs 37 trillion (Rs 37 lakh crore) or over USD 555 billion, 22,500 branches and 58,000 ATMs. It will have over 50 crore customers. 
 
SBI had said that all its associate banks and BMB will be merged into it that will add an additional Rs 8 lakh crore to its assets. 
Presently, SBI has close to 16,500 branches, including 191 foreign offices across 36 countries. 
 SBI first merged <keyword id="82725" type="COMPANY" weightage="20" keywordseo="State-Bank-of-Saurashtra">State Bank of Saurashtra</keyword> with itself in 2008. Two years later, State <keyword id="269823" type="COMPANY" weightage="20" keywordseo="Bank-of-Indore">Bank of Indore</keyword> was merged with it.

SBI chief Arundhati Bhattacharya may serve for another year

<ul><li>Rajnish Kumar, the chairman of <keyword id="6354731" type="DOMAIN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI) said that additional mergers with smaller banks would give the bank <keyword id="67392" type="ENTERTAINMENT" weightage="20" keywordseo="Monopoly">monopoly</keyword> powers. </li><li>Kumar’s statement comes a few days after the Indian government ordered the <keyword id="42411" type="PERSON" weightage="20" keywordseo="Merger">merger</keyword> of Bank of Baroda, Vijaya Bank and Dena Bank in lieu of further mergers of state-owned banks. </li><li>In April 2017, SBI began the process of merging with five of its subsidiaries- State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad as well as Bharatiya Mahila Bank. </li></ul>Rajnish Kumar, the chairman of State Bank of India (SBI) has categorically ruled out any absorption of smaller banks by SBI in the short term. Speaking to media outlets in New Delhi, Kumar’s statement comes a few days after the Indian government ordered <a href="https://www.businessinsider.in/indias-government-is-merging-three-state-owned-lenders-to-create-one-of-the-countrys-largest-banks/articleshow/65853052.cms">the merger </a>of Bank of Baroda, Vijaya Bank and Dena Bank in lieu of further mergers of state-owned banks. SBI is India’s largest bank, holding a little under a quarter of all the assets in the banking system, which begs the question: how much room does it have for economies of scale from mergers? While Kumar agreed that there were far too many public sector banks in India and that they required <keyword id="76844" type="PERSON" weightage="20" keywordseo="Consolidation">consolidation</keyword> for improved management and capital strength, he explained that any further acquisitions of state-owned banks by SBI would give it monopoly powers. Kumar added that SBI was still focussing on the integration of the six banks it absorbed last year, explaining that it would take around two to three years for the synergies from the merger to start manifesting themselves. In April 2017, SBI began the process of merging with five of its subsidiaries- State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad as well as Bharatiya Mahila Bank. While the merger proved to be a drag on SBI’s profitability and added to its already-high level of non-performing loans and provisioning requirements, Kumar said <a href="https://www.thehindubusinessline.com/money-and-banking/sbi-to-be-back-in-black-from-sept-quarter-says-chairman/article24773447.ece">last month</a> that he expected the bank to report a profit in the quarter ending September. Separately, Kumar said that SBI was on course to resolve around 7 to 8 stressed power accounts before the expiration of the Supreme Court’s grace period on 11 November. The resolution of around ₹170 billion worth of non-performing loans will come as a significant relief to the bank, which currently holds nearly 20% of all the bad loans in India’s banking sector.

The chairman of India’s largest bank has said that it shouldn’t absorb any more banks

Mumbai, Feb 6 () State Bank of India chairman Rajnish Kumar on Thursday said one of the major challenges for public sector banks in the near future is the merger process. In August last year, Finance Minister Nirmala Sitharaman had announced merger of 10 banks. Kumar said banks that are in the middle of the merger process need to be careful on information technology integration. "One of the challenges before public sector banks in the near future is the merger of the bank...IT merger needs to be handled very carefully," Kumar said at an event organised by Indian Banks' Association. In April 2017, SBI had merged its five associate banks- State Bank of Bikaner and Jaipur, State Bank of Patiala, State Bank of Travancore, State Bank of Hyderabad, State Bank of Mysore. The four new set of proposed mergers included Punjab National Bank, Oriental Bank of Commerce and United Bank of India will combine to form the nation's second-largest lender; Canara Bank and Syndicate Bank will merge; Union Bank of India will amalgamate with Andhra Bank and Corporation Bank; and Indian Bank will merge with Allahabad Bank. These mergers will bring the number of state-run banks to 12 as against 27 in 2017. HV SHWSHW

Merger process major challenge for PSBs in near future: SBI chief

The <keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (SBI) Managing Director (MD) and <keyword id="2426526" type="UNKNOWN" weightage="100" keywordseo="VG-Kannan">VG Kannan</keyword> has said that the five <keyword id="1250737" type="UNKNOWN" weightage="100" keywordseo="associate-banks">associate banks</keyword> of SBI do not need any additional capital in this financial year as the credit growth is low. “As of now, we are comfortable in terms of capital. No plans of raising funds as of now. There is no credit growth in the market,” he said. 
 
Kannan, who is also the group executive for SBI associates and subsidiaries, added that the that the five associates — State Bank of Mysore, State Bank of Patiala, State Bank of Travancore, State Bank of Hyderabad and State Bank of Bikaner and Jaipur — would collectively require a capital of about Rs 30,000 crore in the next five years. 
 He further said that bond markets and money markets have taken account of a rate cut by the <keyword id="6354335" type="CITY" weightage="60" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> already and are moving accordingly at present. “There’s a lot of liquidity in the system and market feels that inflation has also appeared to be benign. So bond markets have factored in an interest rate cut. Deposit rates are coming down. Rates on commercial papers have come down,” he said.

Associate Banks Don’t Require Additional Capital: SBI

New Delhi, Feb 26 () Finance Minister Nirmala Sitharman on Wednesday said the government is keeping a close watch on the impact of the coronavirus outbreak on the Indian economy.The minister also said that the process of merger of public sector banks was underway as per the schedule. The government has announced to merge 10 sector state-run banks to create four bigger lenders.The governemnt is "closely monitoring" the impact of the coronavirus outbreak on the economy, she said.Over 2,700 people have died due to Novel Coronavirus 2019 (COVID-19) while the number of those infected is around 80,000. In the wake of the virus outbreak, whose epicentre is China, many airlines, including Indian carriers, have cancelled some of their overseas flights.On bank mergers, Sitharaman said there is "no uncertainty about bank merger" and the process is on as per the schedule. Last year in August, the government announced merger of 10 public sector banks into four. United Bank of India and Oriental Bank of Commerce are to be merged with Punjab National Bank, making the proposed entity the second largest public sector bank (PSB) from April 1 this year.It was also decided to merge Syndicate Bank with Canara Bank, and Allahabad Bank with Indian Bank. Similarly, Andhra Bank and Corporation Bank are to be consolidated with Union Bank of India.In April 2019, Bank of Baroda, in the first three-way merger exercise, amalgamated Vijaya Bank and Dena Bank with itself.SBI had merged five of its associate banks -- State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad as well as Bharatiya Mahila Bank with itself effective April 2017. DP NKD CS MKJ

Govt closely monitoring coronavirus impact on economy: FM

New Delhi, Nov 19 () Allahabad Bank on Tuesday said the government has given in-principle approval to its amalgamation into Indian Bank.
Indian Bank is the acquiror while Allahabad Bank is the transferor.
"The Bank has received a communication from the Government, Ministry of Finance, Department of Financial Services communicating that the Alternate Mechanism has accorded in-principle approval to proposed amalgamation of Allahabad Bank into Indian Bank," Allahabad Bank said in a regulatory filing.
The government in August had announced four major mergers of public sector banks, a move aimed at making state-owned lenders global sized banks.
Following this, United Bank of India and Oriental Bank of Commerce will be merged with Punjab National Bank.
Syndicate Bank will be merged with Canara Bank and Allahabad Bank will be merged with Indian Bank. Andhra Bank and Corporation Bank are to be merged into Union Bank of India.
In January this year, the Union Cabinet approved the merger of Dena Bank and Vijaya Bank with Bank of Baroda. The merger came into effect from April 1.
On Monday, Punjab National Bank and Union Bank of India informed exchanges about getting in-principle nod from the government to go ahead with the planned mergers.
With these mergers, the number of public sector banks will come down to 12 from 27 in 2017.
Prior to this, the government had merged five associate banks of SBI and Bharatiya Mahila Bank with State Bank of India, which came into effect from April 2017.
These were State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad and Bharatiya Mahila Bank. 
In January this year, the government approved the merger of Dena Bank and Vijaya Bank with Bank of Baroda, which came into effect from April 1, 2019. KPM KPM ANU
ANU

Allahabad Bank gets govt's in-principle nod for merger with Indian Bank

New Delhi, Nov 18 () Punjab National Bank and Union Bank of India on Monday said they have received in-principal approval from the government for their amalgamation with other public sector banks.
"Bank has received a letter dated November 13, 2019 from Department of Financial Services, Ministry of Finance vide which bank has been advised that Alternative Mechanism (AM), has accorded in-principle approval to proposed amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank," Punjab National Bank said in a regulatory filing.
Punjab National Bank is the transferee bank and Oriental Bank of Commerce and United Bank of India as transferor banks.
In a separate filing, Union Bank of India said, "The bank has received a communication from ministry of finance on November 16, 2019 stating that the alternative mechanism has accorded in-principle approval to proposed amalgamation of the Andhra Bank and Corporation Bank into Union Bank of India".
Union Bank of India is the transferee bank, and Andhra Bank and Corporation Bank are the trasferor banks.
The government in August had announced four major mergers of public sector banks, bringing down their total number to 12 from 27 in 2017, a move aimed at making state-owned lenders global sized banks.
According to this, United Bank of India and Oriental Bank of Commerce will be merged with Punjab National Bank, making the proposed entity the second largest public sector bank (PSB).
Syndicate Bank will be merged with Canara Bank Indian Bank will be merged with Allahabad Bank.
In January this year, the Union Cabinet had approved merger Dena Bank and Vijaya Bank with Bank of Baroda. The merger came in to effect from April 1.
With these mergers, the number of PSBs will come down to 12 from 27 in 2017.
Prior to this, the government had merged five associate banks of SBI and Bharatiya Mahila Bank with State Bank of India.
These were State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad and also Bharatiya Mahila Bank effective April 2017. KPM NKD BAL

PNB, Union Bank get in-principal nod from govt for proposed merger

(Eds: Adds comments) New Delhi, Feb 26 () The government is keeping a close watch on the impact of coronavirus outbreak on the Indian economy and various options are being gauged at various levels, Finance Minister Nirmala Sitharman said on Wednesday.The minister also said that the process of merger of public sector banks was underway as per the schedule. The government has announced to merge 10 state-run banks to create four big lenders.The government is "closely monitoring" the impact of the coronavirus outbreak on the economy, she said. "We are very closely monitoring it. Secretary-level officials are engaging with their respective industries. I had informed you about various options we have including airlifting raw material for some specific sectors, resourcing from other countries. "All these are being worked at the concerned department level. We will have quick review of all departments coming back with specific help that they may require. We will collate all these and come back to you," Sitharaman said. Over 2,700 people have died due to novel coronavirus 2019 (COVID-19) while the number of those infected is around 80,000. In the wake of the virus outbreak, whose epicentre is China, many airlines, including Indian carriers, have cancelled some of their overseas flights.On bank mergers, Sitharaman said there is "no uncertainty about bank merger" and the process is on as per the schedule. Last year in August, the government announced merging 10 public sector banks into four. United Bank of India and Oriental Bank of Commerce are to be merged with Punjab National Bank, making the proposed entity the second largest public sector bank (PSB) from April 1 this year.It was also decided to merge Syndicate Bank with Canara Bank, and Allahabad Bank with Indian Bank. Similarly, Andhra Bank and Corporation Bank are to be consolidated with Union Bank of India.In April 2019, Bank of Baroda, in the first three-way merger exercise, amalgamated Vijaya Bank and Dena Bank with itself.SBI had merged five of its associate banks -- State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad as well as Bharatiya Mahila Bank with itself effective April 2017. DP NKD KPM CS MKJ MR

You Searched For "State Bank of Hyderabad" and got 13 results

SBI To Merge Five Associate Banks With Itself

BI India Bureau

This is why the Finance Minister wants to acquire more small and mid-sized banks

BI India Bureau

Who is becoming SBI’s new chief after Bhattacharya?

BI India Bureau

Six banks are going to merge into SBI

BI India Bureau

SBI's associate banks employees on strike today

BI India Bureau

SBI chief Arundhati Bhattacharya may serve for another year

BI India Bureau

The chairman of India’s largest bank has said that it shouldn’t absorb any more banks

Dilsher Dhillon

Merger process major challenge for PSBs in near future: SBI chief

PTI

Associate Banks Don’t Require Additional Capital: SBI

BI India Bureau

Govt closely monitoring coronavirus impact on economy: FM

PTI

Allahabad Bank gets govt's in-principle nod for merger with Indian Bank

PTI

PNB, Union Bank get in-principal nod from govt for proposed merger

PTI

Govt closely monitoring coronavirus impact on economy, various options at work: Sitharaman

PTI

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