Associate banks to soon submit report on amalgamation to RBI


NEW DELHI: As a major aspect of the union procedure inside the SBI Group, its five partner banks including State Bank of Bikaner and Jaipur (SBBJ) will soon submit to the Reserve Bank the plan of securing as sanctioned by shareholders. 

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The leading body of the executives has considered the report of the master council set up to investigate the composed complaints from shareholders as far as the Grievance Redressal Mechanism set up as a feature of the plan of securing, SBBJ said in a regula .. 

The board today endorsed the August 18 plan of procurement with no adjustment, it said. 

It further said that plan of Acquisition of SBBJ alongside the Report of the Expert Committee will be submitted to the RBI for their thought and endorsement. 

Upon endorsement, RBI might present the plan of procurement as affirmed by it to the legislature of India for endorsement and issue of request of Acquisition under segment 35 of the SBI Act 1955," it said. 

Another partners, State Bank of Mysore, State Bank of Travancore additionally made comparable declarations today. 

Government not long ago cleared the proposition to combine SBI with its five partner banks – SBBJ, State Bank of Travancore, State Bank of Patiala, State Bank of Hyderabad – and the new Bharatiya Mahila Bank (BMB). 

In August, SBI had said that all its partner banks and BMB will be converged into it that will include an extra Rs 8 lakh crore to its advantages making it a keeping money behemoth with aggregate resources of Rs 30 lakh crore, an expansion of around 36 for every penny.

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