SBI associate banks might merge with the parent brand SBI

Business
May 18 2016 09:16 AM
Preksha

SBI associate banks might merge with the parent brand SBI

In a meeting held today, associate banks of SBI, like Stake Bank of Bikaner and Jaipur have proposed for a merger with SBI.On the other hand, many employees have threatened to go an a strike if any such move is taken and approved by either SBI or the government. Sources said that the central board of SBI meeting is going to consider the merger.All employees of Associate Banks will go on strike on May 20, All India Bank Employees Association (AIBEA) General Secretary C H Venkatachalam said.

Among the five assosiate banks of SBI, three have been listed which includes State Bank of Bikaner and Jaipur, State Bank of Mysore and State Bank of Travancore excluding the two- State Bank of Patiala and of Hyderabad. The story of mergers started in 2008 when the associate State Bank of Saurashtra merged with SBI after two years of which in 2010, State Bank of Indore also merged.

The bank board bureau (BBB) has been set up by the government to look into the issues including consolidation in public sector banking space. Headed by former CAG Vinod Rai, the bureau has been constituted to help the government select heads of public sector banks and financial institutions and assist banks in developing strategies with regard to capital-raising and consolidation .Its ex-officio members are Secretary, Department of Public Enterprises, Financial Services Secretary and RBI Deputy Governor.

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