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Lok Sabha Passes Bill Approving ‘SBI-Banks’ Merger
August 16, 2017
The Lok Sabha has passed a bill that approves the amalgamation of the State Bank of India and five associate banks as the government claims it will help improve the capital base and loan availability.
Santosh Gangwar, Minister of State for Finance, said that the merger has helped SBI to become one of top 50 banks in the world as it now stands at the 45th position. He also said that no branches will be closed after the merger but in fact, new ones will be opened wherever necessary.
