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.

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