The Hindu Business Line : State Bank of Indore merger on course

Kolkata, July 13 State Bank of India will go ahead with the merger of State Bank of Indore with itself in the next three to six months, once it receives the necessary approval.

The boards of both SBI and State Bank of Indore have approved the merger, Mr O. P. Bhatt, said.

Talking about the merger of other associate banks with SBI, Mr Bhatt said, “We do not have a target in mind for the mergers as we cannot take this decision on our own, we need the Government and RBI’s approvals for the same. I am pro merger but we will not push it from our end.”

SBI has also received the Insurance Regulatory Development Authority’s nod for its non-life venture, he said and added that the bank would be able to embark upon it in 2010-11. “There are a lot of formalities to be completed, the required technology has to be put in place, we are hopeful of commencing operations next year,” he said.

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