Mumbai, Aug 15 (UNI) The decades of attempts by the State Bank of India to amalgamate its associate banks with it has made a beginning with the Reserve Bank of India declaring that henceforth all the branches of State Bank of Saurashtra will function as branches of SBI.
RBI in a release here said customers, including depositors, of State Bank of Saurashtra would be able to operate their accounts as customers of SBI.
The Government of India has issued the Acquisition of State Bank of Saurashtra Order 2008. Accordingly, the notification dated August 13, 2008 issued by Government of India was published in the Gazette of India under Extraordinary Part II -- Section three sub section (l), sanctioning the Acquisition of State Bank of Saurashtra (transferor bank) by State Bank of India (transferee bank) in terms of section 35(2) of the State Bank of India Act, 1955, the RBI said in a release adding that the Order of Acquisition shall be effective on and from August 13.
The employees association of SBI had given a nationwide bandh call on August 18 to protest against the merger move of associate banks with SBI.
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