All-women bank will become part of  the SBI  in a few months

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Published on: 16 Jun 2016 9:02 AM GMT
All-women bank will become part of  the SBI  in a few months
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Lucknow: The Bhartiya Mahila Bank which was exclusively opened for the women and which had only women employees on the roll is all set to lose its identity. The institution’s merger into the State Bank of India is one of the proposals cleared by the Union cabinet on Wednesday.

The all-women bank assumes special significance in the light of the fact that it was a previous government’s baby and was opened with much-fanfare in the Union capital. It was one of the Congress-led government’s legacies which the present BJP-led regime has decided to end.

The cabinet has also given its nod for merger of five other banks into the SBI. These banks are SBI’s subsidiaries and were set up a long time back by private groups. For instance, the State bank of Patiala was opened by the then ruler of that estate during the pre-independence days. It was taken over later by the government, like other banks ,and handed over to the SBI.

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The stocks of three of these five banks which were listed in the Bombay Stock Exchange went up sharply following the announcement of the cabinet decision.

These banks include State Bank of Jaipur and Bikaner.

With the merger which is expected to be completed next year, the SBI will become the 50th largest bank in the world. The motive behind this move, informed sources said, is to merge smaller banks into larger entities and make them more viable.

Also read: Yet another rise in petroleum product prices in India

Read top financial news in Hindi: GOOD NEWS : इंतजार खत्म, जल्द मिल सकता है 7वें वेतन आयोग का तोहफा

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