State Bank of India's merger with 5 associate banks gets go-ahead from government

The combined entity will have 23,000 branches in total.

According to The Economic Times, the Cabinet approved a proposal to merge the five subsidiaries of State Bank of India with the parent, kick-starting consolidation among public sector lenders.

The merger will bring nearly a quarter of all outstanding loans in India’s banking sector to SBI’s books. The combined entity will have a mammoth network of nearly 23,000 branches, further increasing the dominance of the nation’s largest bank.

Read the full story here.

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