About 2,800 SBI’s associate employees have opted for voluntary retirement scheme (VRS) of the total 12,500 eligible for the scheme.
The associate banks which merged with the SBI are State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank Of Hyderabad, State Bank of Mysore and State Bank of Travancore.
State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT), besides Bharatiya Mahila Bank (BMB), merged with SBI with effect from April 1, the bank said in a statement.
The official, however, assured customers that they need not worry, adding that there would not be any change in their accounts, passbooks and cheque books. The State Bank of Travancore has about 14,000 employees on its payroll, he added.
From April 1, five associate banks of State Bank of India (SBI) will be sporting the SBI signage and logo, with its iconic keyhole set against a navy blue backdrop.
In a BSE filing it said the bank was intended to raise up to Rs 600 crore through issuance of additional tier I bonds.
A senior executive of SBI said, "The employees opting for VRS is on expected lines. We have estimated about half or 50 percent of the employees taking that option. You can say about 6,000 employees may opt to take it up."
“Customers, including depositors of State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore will be treated as customers of State Bank of India with effect from April 1, 2017,” the RBI said in a notification.
In a BSE filing this evening, the bank said its "executive committee of the central board will meet on March 24 to examine the issuance of RegS bonds worth USD1.5 billion for a tenor not exceeding 5.5 years in fiscal 2018."
State Bank of India has decided to increase manifold the minimum balance required for maintaining savings account from April 1, hitting 31 crore depositors including pensioners and students.
State Bank of India today fixed March 17 as the record date of share swap for the merger of its 5 associate banks with itself.
The State Bank of India (SBI) merger with its five associate banks is likely to close the door to future job recruitments at the merged entity.
State Bank of India (SBI) will merge its five associate banks with itself from April 1, in the largest consolidation exercise in the banking history of India.
Public sector Indian Bank today announced the appointment of M K Bhattacharya as its Executive Director with immediate effect.
The merger of State Bank of India and its associate banks such as State bank of Travancore is likely to be delayed further as the PSUs are yet to receive approval from the Competition Commission of India (CCI).
Ahead of its proposed merger with parent SBI, State Bank of Travancore (SBT) will raise up to Rs 600 crore to shore up additional tier-I capital by issuing Basel compliant bonds on private placement.
State Bank of India‘s (SBI) five associate banks will offer voluntary retirement schemes (VRS) for their employees before the date from which the merger will be effective. The date for the merger is yet to be notified.
State-run BHEL and telecom major Idea Cellular will move out of National Stock Exchange's Nifty 50 index from March 31.
The Cabinet has approved the long-awaited merger of State Bank of India and its five associate banks. The merger will give a new look to the state-owned bank while creating a Rs 32-lakh crore banking giant.
State Bank of India, country‘s biggest bank is set to become even bigger, with the Cabinet approving its merger with its five subsidiaries on Wednesday.
State Bank of India has received Cabinet approval to merge its five subsidiaries, which will make the bank among top 50 banks in the world.
SBI | TCS | Sun Pharma | Tata Steel | Cipla | Hindalco Industries | Petronet LNG | State Bank of Bikaner and Jaipur | State Bank of Mysore | State Bank of Travancore | Cyient | Reliance Defence and Bharat Forge are stocks, which are in the news today.
The merged entity will create a banking behemoth, one-fourth of market share in India‘s banking sector (in terms of loans and deposits), with an asset base of about Rs 40 lakh crore from Rs 23 lakh crore.
The Cabinet has given approval to the merger of State Bank of India with its five subsidiaries, Finance Minister Arun Jaitley announced on Wednesday.
SBI associate State Bank of Travancore (SBT) plans to raise up to Rs 600 crore by issuing Basel III-compliant bonds to augment its tier-I capital.