NEWS & ADVICE : HOME LOANS
Govt finds merger of State Bank of Indore with SBI to public benefit
By Joseph Samson
Mar 24, 2011
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The government has declared that the merger of State Bank of Indore with its parent bank, State Bank of India has been of public benefit.

According to Minister of State for Finance Namo Narain Meena, the merger has been of 'overall public interest'. He said so in response to a debate over the State Bank of India (Subsidiary Banks) Amendment Bill, 2010 in Rajya Sabha.

"Now, they (State Bank of Indore customers) can deposit and withdraw money from all the branches of State Bank of India," he said.

According to the minister, the merger would benefit customers of State Bank of Indore in Madhya Pradesh and Chattisgarh to access all 14,000 branches of SBI all over the country.

"Now, they can deposit and withdraw money from all the branches of State Bank of India," he said.

"In recent times, the number of bank branches opened every year is around four to five thousand," he said in response to queries regarding branch count of the bank.


 


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