Wednesday, 29 March 2017

HNI Commodity Pack, SBI to complete merger of 6 banks in three months

"SBI has sought three-month time from RBI for the merger. It should be done by that timeframe," SBI Managing Director (national banking group) Rajnish Kumar said here.



State Bank of India, which would start merger process of five associates and Bharatiya Mahila Bank (BMB) from April 1, expects integration to be completed in three months.

"SBI has sought three-month time from RBI for the merger. It should be done by that timeframe," SBI Managing Director (national banking group) Rajnish Kumar said here.

"The merger has to be done in phases. As data are integrated, the new pass book and cheque books would be issued. The complete integration of various banks should take 3 months," he said.

Post-merger, he said about 1,500 branches to be shut because of duplication.

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