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May 12, 2011, 07.47 PM IST
State Bank of India has kick started the process towards merger of all associate banks, reports CNBC-TV18 quoting sources.
State Bank of India has kick started the process towards merger of all associate banks, reports CNBC-TV18's Vidhi Godiawala. The PSU banking major may seek blanket nod to merge the remaining five associate banks.
Sources say SBI may send associate bank’s merger proposal to government by July-end. Government has asked SBI to calculate the cost benefit analysis of its merger with its remaining five associate banks. Sources say SBI has begun calculating the total pension liabilities of all employees across all the five unmerged associate banks. This would involve the assessment of each employee of the associate banks and the pension fund corpus available in these banks. SBI may take about two-three months to actually calculate this pension liability. Also watch the attached video.
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