How SBI would become even more humongous -Governance Now

How SBI would become even more humongous

With Cabinet’s approval of merger of PSBs, SBI may soon feature in the top 50 banks globally

| June 16, 2016

#SBI #top 50 global banks #PSB #merger

As the Cabinet approves the merger of State Bank of India and its five subsidiaries, and also the Bharatiya Mahila Bank (BMB), the largest public sector lender may soon see its name in the list of top 50 banks of the world. The five subsidiaries to be merged with SBI are: State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore.

Here’s a look at the enormity of the consolidation:

•    With the merger, SBI would have a balance sheet reading a whooping Rs 37 lakh crore.
•    Its customer base would increase to around 50 crore – more than one-third of the country’s population
•    The bank may break the barrier of top-50 banks in the world. It was last seen at the 52nd spot in 2015.
•    The combined employee strength of SBI and its associates, along with BMB, is around 3 lakh.
•    The combined number of branches of banks, stepping into the merger, stand at nearly 21,000.

Comments

Other News

Elections 2024: 1,351 candidates in fray for Phase 3

As many as 1,351 candidates from 12 states /UTs are contesting elections in Phase 3 of Lok Sabha Elections 2024. The number includes eight contesting candidates for the adjourned poll in 29-Betul (ST) PC of Madhya Pradesh. Additionally, one candidate from Surat PC in Gujarat has been elected unopp

2023-24 net direct tax collections exceed budget estimates by 7.40%

The provisional figures of direct tax collections for the financial year 2023-24 show that net collections are at Rs. 19.58 lakh crore, 17.70% more than Rs. 16.64 lakh crore in 2022-23. The Budget Estimates (BE) for Direct Tax revenue in the Union Budget for FY 2023-24 were fixed at Rs. 18.

‘World’s biggest festival of democracy’ begins

The much-awaited General Elections of 2024, billed as the world’s biggest festival of democracy, began on Friday with Phase 1 of polling in 102 Parliamentary Constituencies (the highest among all seven phases) in 21 States/ UTs and 92 Assembly Constituencies in the State Assembly Elections in Arunach

A sustainability warrior’s heartfelt stories of life’s fleeting moments

Fit In, Stand Out, Walk: Stories from a Pushed Away Hill By Shailini Sheth Amin Notion Press, Rs 399

What EU’s AI Act means for the world

The recent European Union (EU) policy on artificial intelligence (AI) will be a game-changer and likely to become the de-facto standard not only for the conduct of businesses but also for the way consumers think about AI tools. Governments across the globe have been grappling with the rapid rise of AI tool

Indian Railways celebrates 171 years of its pioneering journey

The Indian Railways is celebrating 171 glorious years of its existence. Going back in time, the first train in India (and Asia) ran between Mumbai and Thane on April 16, 1853. It was flagged off from Boribunder (where CSMT stands today). As the years passed, the Great Indian Peninsula Railway which ran the