Five associate banks will merge with SBI from April 1

Five associate banks will merge with SBI from April 1 Five associate banks of State Bank of India (SBI) will merge (विलय) with SBI from April 1 in the largest consolidation(समेकन) exercise in the banking history of India. The assets of State Bank of Bikaner and Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Patiala (SBP) and State Bank of Hyderabad

(SBH) will be transferred to SBI from April 1, 2017, SBI said in a regulatory filing. “The entire (संपूर्ण) undertaking of SBBJ, SBM, SBT, SBP and SBH shall stand transferred to and vested(निहित) in the State Bank of India from April 1, 2017,” SBI said following a government order.

The government issued five orders to effect the merger on Wednesday. Officers and employees, with the exception(अपवाद) of the board of directors and executive trustees of the associate banks, will become employees of SBI following the merger.