Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

SBI, Associate Banks Stocks Surge After Cabinet Okays Merger

Shares of SBI and its associates rose sharply by as much as 13.5 percent on Thursday after the Cabinet approved their merger, a step aimed at strengthening the sector through consolidation of public banks.

Press Trust Of India

Updated:February 16, 2017, 12:57 PM IST
facebookTwitterskypewhatsapp
Cloud Services, Data Security, SBI
Image for representation.
Loading...

New Delhi: Shares of SBI and its associates rose sharply by as much as 13.5 percent on Thursday after the Cabinet approved their merger, a step aimed at strengthening the sector through consolidation of public banks.

The scrip of State Bank of Mysore soared 13.54 percent, State Bank of Bikaner and Jaipur zoomed 10.86 percent, State Bank of Travancore jumped 10.54 percent while SBI gained 3.10 percent on BSE.

Seeking to create a global-sized bank, the Cabinet on Wednesday gave the go-ahead to the merger plan of SBI and its five associates.

However, no decision was taken on the proposal to merge the Bharatiya Mahila Bank with SBI.

The merger of associate banks is likely to result in recurring savings, estimated at more than Rs 1,000 crore in the first year, through a combination of enhanced operational efficiency and reduced cost of funds, an official statement said.

The two unlisted associate banks which will be merged with SBI are State Bank of Patiala and State Bank of Hyderabad.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Ashish Yechury
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Reliance 1,210.75 -1.21
BPCL 380.00 -6.99
Maruti Suzuki 6,412.75 -0.58
Yes Bank 67.05 -2.19
HDFC 2,046.75 -1.78
Company Price Change %Gain
Kotak Mahindra 1,483.55 0.00
HDFC Bank 2,256.25 0.00
Biocon 232.55 0.00
HDFC 2,085.65 0.00
Graphite India 311.70 0.00

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results