SBI to complete merger of 6 banks in three months


State Bank of India, which would start merger process of five associates and Bharatiya Mahila Bank (BMB) from April 1, expects integration to be completed in three months. 

"SBI has sought three-month time from RBI for merger. It should be done by that timeframe," SBI Managing Director (national banking group) Rajnish Kumar said here. "The merger has to be done in phases. As data are integrated, the new passbook and cheque books would be issued. The complete integration of various banks should take 3 months," he said. 
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SBI pushes merger of 5 associate banks,Bharatiya Mahila Bank to next quarter

The merger of the five associate banks with State Bank of India (SBI) will be postponed to by a quarter due to the demonetization exercise, acknowledged SBI chief Arundhati Bhattacharya who for weeks had said that the merger is as per the schedule. The bank had announced in May plans to merge its five associate banks with itself by March 2017 to emerge as a global bank in order to compete with peers in emerging markets. 


Speaking to media on Monday on whether the merger of associate bank is as per the schedule, Bhattacharya said that the merger will “probably be delayed by a quarter”. She said that the delay has been because the government has not notified the merger. 


“The reason is we still have to get government approval. Even if I get the approval right now doing things in the last quarter is not a wise thing. There will be a lot of IT system changes and normally by mid-February we close down all IT system changes as these can impact something else quit unknowingly. We do not want to take any risks at the annual closing time. So we may just want to do the annual closing then look at it,” she said. 
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Bankers to strike against merger of SBI associates

Opposing the central government's decision to merge State Bank of India's (SBI) five associate banks with the former, around 45,000 employees of the associate banks will strike on July 12, said a top official.

The All India Bank Employees'Association (AIBEA) official said that on July 13, there will be a nationwide strike in all banks by AIBEA and All India Bank Officers' Confederation (AIBOC).

"Consolidation in the banking industry is not a priority now. On the other hand, recovery of the bad loans should be the priority. Prior to the July 12 strike we will hold series of demonstrations opposing the merger," CH Venkatachalam, general secretary, AIBEA told IANS.
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