SBI to be among the top 50 banks in the world
SBI to be among the top 50 banks in the world
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SBI has got approval from the Rajya Sabha for the merging with five other banks. Along with this merger, SBI has now joined the top 50 banks in terms of assets. The total customer of the bank has now reached 37 million.

It is noteworthy that after obtaining approval from the Rajya Sabha also, the State Bank of Bikaner, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad will now be merged in SBI. The Government argues that this merger will not only reduce the cost of these banks, but the use of resources will be rationalized. The branch network of SBI is more than 24,000 across the country. The number of bank ATMs is close to 60 thousand.

The bill related to the merger in SBI was presented by Raja Pratap Shukla, Minister of State in the Rajya Sabha on Thursday. There was a long debate on this. Although before the merger was anticipated that it would be sorted out, but the minister made clear that no employee has been sorted out after the merger. After the reply of the Finance Minister, the House passed this bill in a nutshell.

The Lok Sabha has already approved this bill. Now this merger has been approved by the former effect. While discussing the bill, some members of the Congress including Jairam Ramesh also expressed fears about the privatization of SBI. Many members have emphasized the need to make the regulation and supervision of banks regenerate.

 

CPI MP D Raja said before the merger that it was told that SBI would become a world-class bank with this, but the opposite happened. He said that the loss of SBI has increased, the NPA has been growing continuously and many branches have to be closed. Raja said that subsidiaries were doing very well and there is no benefit from this merger. 

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