December 1, 2009

Merger of State Bank of Indore with SBI

The Government has granted sanction to State Bank of India (SBI), under Section 35(1) of the State Bank of India Act, 1955, vide Department of Financial Services’ letter dated 08.10.2009 for proceeding with the negotiation with State Bank of Indore for acquiring its business. Consequently, the scheme of acquisition of State Bank of Indore by the Stat Bank of India have been approved by Board of both the Banks. The Government keeps in view the interest of all the stakeholders including employees of the merging banks.

This information was given by Minister of State for Finance, Shri Namo Narain Meena in written reply to a question raised in Rajya Sabha today.

No comments:

DISCLAIMER

All efforts have been made to ensure accuracy of the content on this blog, the same should not be construed as a statement of law or used for any legal purposes. Postal Staff corner accepts no responsibility in relation to the accuracy, completeness, usefulness or otherwise, of the contents. Users are advised to verify/check any information with the relevant department(s) and/or other source(s), and to obtain any appropriate professional advice before acting on the information provided in the blog. Links to other websites that have been included on this blog are provided for public convenience only. Postal Staff Corner is not responsible for the contents or reliability of linked websites and does not necessarily endorse the view expressed within them. We cannot guarantee the availability of such linked pages at all times.