Question

The State Bank of India's (SBI) Board of Directors has approved merger of its 5 associate banks with itself. Which among the following is not a part of that group ?; 1) Bharatiya Mahila Bank; 2) State Bank of Saurashtra; 3) State Bank of Patiala; 4) State Bank of Mysore

Answer 1

New Delhi, Apr 1 () Five associates and the 

Bharatiya Mahila Bank

 became part of the 

State Bank of India

 (

SBI

) today, catapulting the country's largest lender to among the top 50 banks in the world.

State Bank of Bikaner

and Jaipur (

SBBJ

), 

State Bank of Hyderabad

 (SBH), 

State Bank of Mysore

(SBM), 

State Bank of Patiala

 (SBP) and

State Bank of Travancore

 (

SBT

), besides Bharatiya Mahila Bank (

BMB

), merged with SBI with effect from April 1, the bank said in a statement. 

"With this six-way mega merger, SBI has again displayed its ability to change and evolve in order to continue as the country champion among banks in India and to create enduring value," SBI said. 

With this merger, the bank will join the league of top 50 banks globally in terms of assets, it added. 

The total customer base of the bank will reach 37 crores with a branch network of around 24,000 and nearly 59,000 ATMs across the country.

The merged entity will have a deposit base of more than Rs 26 lakh crore and advances level of Rs 18.50 lakh crore.

Welcoming all the stakeholders of merged entities, SBI Chairman 

Arundhati Bhattacharya

 said the bank will strive to conclude the transition process within a quarter. 

"The combined entity will enhance the productivity, mitigate geographical risks, increase operational efficiency and drive synergies across multiple dimensions while ensuring increased levels of customer delight," she said.