No more merger of associate banks with SBI

New Delhi, Nov 26: Minister of State for Finance Pawan Kumar Bansal today ruled out new proposal to merge more associate banks with state-run State Bank of India.

''Beyond an existing proposal to merge State Bank of Saurashtra (SBS) with SBI, there were no new proposals for mergers,'' Mr Bansal told reporters on the sidelines of a conference today.

Earlier, the government said it has received proposal from SBI for merger of its associate bank, State Bank of Saurashtra (SBS) with itself.

The boards of both SBI and SBS, its wholly-owned subsidiary, have given approval to the merger proposal in August this year.

UNI