India's largest public sector bank, State Bank of India, has deferred its plan to merge some of its associate banks with itself in the current fiscal. The announcement for postponing the consolidation plans of the lender was made by the Chairman of SBI, Mr. Pratip Chaudhuri.
Talking on the matter, Chaudhuri said that the bank will consider consolidation plans next fiscal year and no merger will take place this quarter. Earlier, SBI had announced that it will merger any one of its associates this year.
It should be noted that two of SBI's associate banks, State Bank of Saurashtra and State Bank of Indore have already been merged with the parent bank, SBI, in the last couple of years. The rest of the five associate banks of SBI - State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Travancore, State Bank of Patiala and State Bank of Mysore - are in line for merger with it.