The largest lender of the country, State Bank of India has declared that all necessary approvals for its merger with State Bank of Indore would be in place by July.
"We are awaiting approval from the government of India, which is expected any time, may be this month or next month, after that it takes about a month to merge it," SBI Chairman O P Bhatt said.
RBI approval has been received in the case. "We are already doing preparatory work (for the merger)," Bhatt added.
The banking major has announced that the share exchange ratio for the merger would be 34:100.
After this merger, five associate banks of SBI would be left namely State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad.
State Bank of Bikaner and Jaipur, Mysore and Travancore are listed in the stock exchanges.