Economy

Cabinet approves SBI merger with Bharatiya Mahila Bank

Cabinet approves SBI merger with Bharatiya Mahila Bank

Three years after it was formed, the government has approved merger of the Bharatiya Mahila Bank with the country's largest lender SBI to ensure greater banking outreach to women.

The Ministry of Finance in its official statement said that one of the objectives behind the merger of two banks is to provide affordable credit to women as well as propagation of women-centric products achievable quickly through a wider network at lower cost of funds.

Post the merger, about 103 branches of BMB and business of approximately Rs 2,000 crore would come into SBI's books.

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The court upheld a ruling that had been previously issued by an appeals court, the official Petra news agency reported. The treaty is therefore "unenforceable", said the source, who the news agency refrained from identifying.

Under the Pradhan Mantri Jan Dhan Yojana, preference is given to women for overdraft facility.

The approval comes after last month's Cabinet approval for the merger of SBI's five associate banks with the larger entity, which will be effective from April 1.

As per reports, the assets of State Bank of Mysore (SBM), State Bank of Bikaner and Jaipur (SBBJ), State Bank of Patiala (SBP), State Bank of Travancore (SBT) and State Bank of Hyderabad (SBH) will be transferred to the SBI and will function as its branches. "For the same cost, a much higher volume of loans to women could be given through the SBI", it said.

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The name was later changed to Guinness Book of World Records , but has for around a decade now been called Guinness World Records. Rahul Gandhi had talked of structural and organisational changes after the result of assembly polls to five states.

SBI alone has almost 20,000 branches, including 191 foreign offices spread across 36 countries. SBI has more than 20,000 branches and the lowest cost of funds in the banking sector, the ministry said.

BMB, set up in 2013, has 103 branches with its presence in nearly all the states.

Fox takes analyst off air after 'GCHQ bugging' report
In response, the British spy agency called Napolitano's claims "utterly ridiculous", saying they "should be ignored". A Fox News spokeswoman did not immediately respond to a message seeking comment Monday night.


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