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The acquisition of subsidiary banks of SBI is “an important step towards strengthening the banking sector through consolidation of public sector banks. It is in pursuance of the Indradhanush action plan of the government and is expected to strengthen the banking sector and improve its efficiency and profitability”, the release added.
With the merger of all the five associates, SBI is expected to become a lender of global proportions with an asset base of Rs 37 trillion (Rs 37 lakh crore) or over USD 555 billion, 22,500 branches and 58,000 ATMs. It will have over 50 crore customers.
From Agencies, Featured image courtesy livemint
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