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Business News

Jul 30, 2018
9:10PM

Parliament passes bill for merger of subsidiary banks with SBI

The Parliament has passed the State Banks (Repeal and Amendment) Bill, 2017 with the Lok Sabha approving the amendments sent by the Rajya Sabha. 

The Upper house had earlier passed the bill with amendments. 

The Bill seeks to repeal the State Bank of India (Subsidiary Banks) Act, 1959, the State Bank of Hyderabad Act, 1956 and further to amend the State Bank of India Act, 1955. 

Under it, the five associates banks that were merged are State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore. The merger of these banks is already in effect from 1st April, last year. 
 

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