The State Bank of India (SBI) has decided to put down the lid of six non-viable overseas branches in China, Sri Lanka, Oman, Saudi Arabia, France and Botswana by 2019, following directions from the Finance Ministry, as DNA reported.

India's main public sector bank has also been strong-willed to way out from non-core businesses in three years to pick up its financial health. The plan is to dissociate from the bank's different domestic companies including IL&FS, NSE, UTI AMC (UTI Asset Management Company), CCIL, CDSL, NSDL, SIDBI, Central Warehousing Corporation and STCI Financial Ltd.

 SBI expects to get a profit of Rs 5,880 crore. It has invested Rs 1,312.13 crore in 55 companies to facilitate them to establish as financial infrastructure institutions.

To avoid conflict of interest, capital market regulator SEBI is setting up an instruction of set on a cross-holding cap in a mutual fund. SBI is in the offing for the guideline that may crash shareholding pattern of UTI AMC. Financial institutions like SBI, PNB, BoB and LIC have their mutual funds, and at the same time, owned 18.24 per cent stake each in UTI AMC.

DNA's Email to SBI did not draw out any response on the exceeding issue yet.