As part of the consolidation process within the SBI Group, its five associate banks including State Bank of Bikaner and Jaipur (SBBJ) will soon submit to the Reserve Bank the scheme of acquisition as ratified by shareholders.
The board of the directors has considered the report of the expert committee set up to look into the written objections from shareholders in terms of the Grievance Redressal Mechanism set up as part of the scheme of acquisition, SBBJ said in a regulatory filing on stock exchanges today.
The board today approved the August 18 scheme of acquisition without any modification, it said.
It further said that scheme of Acquisition of SBBJ along with the Report of the Expert Committee will be submitted to the RBI for their consideration and approval.
"Upon approval, RBI shall submit the scheme of acquisition as approved by it to the government of India for approval and issue of order of Acquisition under section 35 of the SBI Act 1955," it said.
Another associates, State Bank of Mysore, State Bank of Travancore also made similar announcements today.
Government earlier this year cleared the proposal to merge SBI with its five associate banks -- SBBJ, State Bank of Travancore, State Bank of Patiala, State Bank of Hyderabad -- and the new Bharatiya Mahila Bank (BMB).
In August, SBI had said that all its associate banks and BMB will be merged into it that will add an additional Rs 8 lakh crore to its assets making it a banking behemoth with total assets of Rs 30 lakh crore, an increase of about 36 per cent.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
