Center approves SBI-State Bank of Saurashtra merger

Mumbai, Aug 14: The process of merger of associate banks with the State Bank of India, amidst stiff opposition from employees union, had been given a green signal by the Union finance Minister with the Department of Financial Services passing an order to enable SBI to acquire State bank of Saurashtra.

According to a SBI information to the BSE, the merger would come into effect on the effective date as may be notified in the official Gazette by the Union Government.

UNI