Cabinet approves merger of SBI with 5 subsidiary banks

Union Finance Minister Arun Jaitley on Wednesday announced that the Cabinet has approved the merger of State Bank of India with its five subsidiary banks. The associate banks include State Bank of Mysore, State Bank of Bikaner and Jaipur, State Bank of Patiala, State Bank of Travancore, and State Bank of Hyderabad. The proposal was cleared by SBI last year.