Associate banks' branches to become SBI branches from April 1
Mumbai: Branches of all five associate banks, which is merging with parent State Bank of India, will begin functioning as SBI branches from April 1. “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. With the merger of all the five associates, SBI is expected to become a lender of global proportions with an asset base of Rs 37 trillion (Rs 37 lakh crore) or over $555 billion, 22,500 branches and 58,000 ATMs. It will have over 50 crore customers.
Oil India to buy back shares worth Rs 1,527 cr
New Delhi: Oil India ltd, the nation’s second largest state explorer, on Monday said it will buy back 4.49 crore shares for Rs 1,527 crore, joining the list of PSUs that are using their idle cash to help Govt meet budgetary targets. Government owns 66.89 per cent shares in OIl and intends to participate in the buyback programme.