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giftedviz.com March 23, 2017


Government Will Merge Bhartiya Mahila Bank With SBI

21 March 2017, 02:30 | Austin Hogan

Government Will Merge Bhartiya Mahila Bank With SBI

BMB-SBI merger Bharatiya Mahila Bank SBI

Last month, the Cabinet had also approved the acquisition of five subsidiary banks by SBI.

The merger with Bharatiya Mahila Bank will not impact SBI's business significantly, but will reinforce its focus on financing women entrepreneurs, the public sector lender said in a separate statement.

"This would ensure greater banking services outreach to a larger number of women, at a faster pace".

In further consolidation in the banking sector, the government on Monday announced the merger of the Bhartiya Mahila Bank (BMB) with the State Bank of India (SBI). "The proportion of administrative and managerial cost in the BMB is much higher to reach the same coverage".

SBI alone has almost 20,000 branches, including 191 foreign offices spread across 36 countries.

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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.

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

SBI has an outreach of more than 20,000 branches with workforce of around two lakh employees out of which, 22 per cent are women.

After the Cabinet meeting on February 15, finance minister Arun Jaitley had said although the Cabinet didn't take up any proposal for the merger of BMB with SBI, it was very much under the government's consideration.



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