New Delhi, Mar 28: (PTI) 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. Also Read - COVID-19: 69-year-old Italian Citizen Dies at Jaipur Hospital; Death Toll in India Rises to 5 “SBI has sought three-month time from RBI for merger. It should be done by that timeframe,” SBI Managing Director (national banking group) Rajnish Kumar said here. Also Read - Watch | Pigeon Spotted Flying Inside GoAir Plane, Take-Off Delayed By 30 Minutes “The merger has to be done in phases. As data are integrated, the new passbook and cheque books would be issued. Also Read - Kartik Aaryan Can't Stop Smiling as he Resumes Shooting For Bhool Bhulaiyaa 2 in Jaipur | Watch Video 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. “There are many duplication and they need to be rationalised. About 1,500-1,600 branches have to be rationalised. The closure could be of SBI or associate bank depending on location,” he said. The government has already given approval for merger of State Bank of Bikaner & Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Patiala (SBP), State Bank of Hyderabad (SBH) and BMB. With the merger of all the five associates, SBI is expected to become a lender of global proportions 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 first merged State Bank of Saurashtra with itself in 2008. Two years later, State Bank of Indore was merged with it. The board of SBI earlier approved the merge plan under which SBBJ shareholders will get 28 shares of SBI (Re 1 each) for every 10 shares (Rs 10 each) held. Similarly, SBM and SBT shareholders will get 22 shares of SBI for every 10 shares. SBI had approved separate schemes of acquisition of State Bank of Patiala and State Bank of Hyderabad. There will not be any share swap or cash outgo as they are wholly-owned by the SBI. This is published unedited from the PTI feed.
The State Bank of India (SBI) is set to merge with State Bank of Bikaner & Jaipur, State Bank of Mysore, State Bank of Travancore, State Bank of Patiala, State Bank of Hyderabad and Bharatiya Mahila Bank, in a process set to take three months, starting on the 1st April. Following the merger, around 1,500 duplicate branches will close, depending on their location, while the SBI would have an asset base of more than $555bn, leaving it well positioned to become a global lender.