Parliament nod to bill for merger of subsidiary banks with SBI

The bill repeals the State Bank of India (Subsidiary Banks) Act, 1959, and State Bank of Hyderabad Act, 1956 besides amending the State Bank of India (SBI) Act, 1955.

PTI
New Delhi, Publish Date: Jul 19 2018 12:08AM | Updated Date: Jul 19 2018 12:08AM
Parliament nod to bill for merger of subsidiary banks with SBIRepresentational Pic

Parliament has approved the bill to merge six subsidiary banks with the State Bank of India (SBI) with the RajyaSabha on Wednesday clearing the State Banks (Repeal and Amendment) Bill, 2017.

The bill repeals the State Bank of India (Subsidiary Banks) Act, 1959, and State Bank of Hyderabad Act, 1956 besides amending the State Bank of India (SBI) Act, 1955.

The State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore were constituted under the State Bank of India (Subsidiary Banks) Act, 1959.

The State Bank of Hyderabad and the State Bank of Patiala were wholly owned by the State Bank of India (SBI). The SBI had 90 per cent shareholding in the State Bank of Mysore, 75.07 per cent shareholding in the State Bank of Bikaner and Jaipur and 79.09 per cent shareholding in the State Bank of Travancore. 

 

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