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SBI to merge 5 associate banks with it from April 2017

According to the Reserve Bank of India SBI merged to 5 banks all branches of State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT) will function as branches of SBI from April 1, 2017.

The merger of State Bank of India (SBI) with its five associate banks
The merger of State Bank of India (SBI) with its five associate banks

Post-merger of five associate banks, the State Bank of India opened as one bank with 500 million customers and started normal operations from Monday, SBI Chairperson Arundhati Bhattacharya announced.

The associate banks which merged with the SBI are State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank Of Hyderabad, State Bank of Mysore and State Bank of Travancore.

Post-merger of five associate banks, the State Bank of India opened as one bank with 500 million customers and started normal operations from Monday, SBI Chairperson Arundhati Bhattacharya announced.
SBI will hit the overseas debt market with a $1.5-billion dollar bond sale in the next financial year. SBI, which has a board approval to raise Rs 15,000 crore through multiple routes, did not specify when it would tap the dollar bond market. The bank said its “executive committee of the central board will meet on March 24 to examine the issuance of RegS bonds worth $1.5 billion for a tenor not exceeding 5.5 years in fiscal 2018”.

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