New Delhi, July 15: The Cabinet today cleared the merger of State Bank of Indore with its parent State Bank of India, a move that would help the country’s largest lender to scale up operations and cut costs.
“The Cabinet gave its nod to the merger of State Bank of Indore with SBI. Acquisition of State Bank of Indore by SBI would allow economies of scale in terms of footprint, manpower and other resources,” Information and Broadcasting Minister Ambika Soni told reporters after the Cabinet meeting.
State Bank of Indore has a large number of branches outside Madhya Pradesh and Chhattisgarh and all of them would be controlled conveniently from SBI’s local head offices in various states leading to substantial cost savings, she added.
–Agencies