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February 16, 2017

Cabinet approves merger of SBI with 5 Associate Banks

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The union cabinet today approved the merger of five associate banks with the State Bank of India (SBI), which will catapult any bank from India to among the top 50 global lenders for the first time.  The merger includes five associate banks of the SBI, they are State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore. The merger does not include Bharatiya Mahila Bank.

At present, SBI has about 18,000 branches, including 200 foreign offices spread across 36 countries, and about 62,900 ATMs. 

The merger proposal was announced in May 2016 and was scheduled for March 2017.  There would be no lay-offs and that the employees of the associates will be offered a letter of employment from SBI. The merger will boost the number of employees by further 64,000 employees of the subsidiaries making total employee strength of nearly 2.71 lakh from 2 lakh people across 23,899 branches. 

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