"SBI has sought three-month time from RBI for merger. It should be done by that timeframe," SBI Managing Director (national banking group) Rajnish Kumar said here.
The gross non performing assets of scheduled commercial banks rose to 7.6 percent in March 2016 from 5.1 percent in September 2015.
"In our bid to face the challenge of high-level NPAs the industry is currently faced with, we are working on a multi-pronged strategy," bank's chairman Arundhati Bhattacharya told reporters on the sidelines of 60th Foundation Day of ECGC here.
The central government has sanctioned the proposal of SBI to enter into negotiations with its subsidiary banks as well as Bhartiya Mahila Bank for acquiring them including their liabilities, he said in a written reply to the Lok Sabha.
With nine months to go to complete the merger process involving its associates, SBI is working on details of the amalgamation proposal, which will be submitted to the government soon for approval
A total of 13,935 cash dispensing machines were installed by banks in the year ending March 31, 2016 against the target of 15,249 ATMs, according to the data on progress of installation of ATMs by 27 public sector banks.
The first meeting was held on April 8 and also attended by attended by Minister of State for Finance Jayant Sinha and RBI Governor Raghuram Rajan, besides its members.
The Bureau will give its recommendations on appointment of directors in public sector banks and advise on ways to raise funds and mergers and acquisitions to the lenders.
"For five large banks we had different procedure. For remaining banks we are going to hire from the pool of executive directors of the public sector banks itself," Financial Services Secretary Hasmukh Adhia told PTI.
The Bureau is likely to be a six-member board comprising former CMDs of banks and financial services sector experts. There are 22 state-owned banks in India including SBI, IDBI Bank and Bhartiya Mahila Bank.
The proposed bank will be headquartered in New Delhi. It will start with 6 branches in North, South, West, Central and North Eastern part of the country.