The Union cabinet has given green signal to the merger of SBI and its five associate banks. The associate banks which will be merged with SBI are: State Bank of Bikaner & Jaipur , State Bank of Mysore , State Bank of Travancore , State Bank of Patiala and State Bank of Hyderabad.
With the merger of all the five associates, SBI is expected to become a global-sized bank with an asset base of Rs 37 lakh crore.
SBI will also boast of 22,500 branches and 58,000 ATMs, post merger.
The customer base of the new entity will swell over 50 crore. State Bank of India has about 16,500 branches, including 191 foreign offices spread across 36 countries.