SBI to soon send detailed merger plan for government approval

With nine months to go to finish the merger procedure including its partners, SBI is chipping away at subtle elements of the amalgamation proposition, which will be submitted to the administration soon for endorsement.

The Cabinet not long ago gave on a basic level endorsement to merger of the five partner banks and Bhartiya Mahila Bank with the State Bank of IndiaBSE - 0.37 %.

"The bank has begun arrangement process with the six distinct elements in the wake of getting on a basic level freedom from the Cabinet. Once the amalgamation arrangement is prepared, it will be submitted to the legislature for the last gesture according to the Section 35 of SBI Act 1955," a senior government official said.

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