Top lender State Bank of India (SBI) on Thursday said the merger of its five associates will happen in the next financial year and ruled out any wage-related issues delaying the process. On Wednesday, the Cabinet gave its final approval to merger of SBI and its five associates - State Bank of Bikaner & Jaipur, State Bank of Mysore, State Bank of Travancore, State Bank of Patiala and State Bank of Hyderabad.
The Cabinet, however, did not take a decision with regard to Bharatiya Mahila Bank, which, too, was supposed to be merged with the country’s largest lender as per an earlier announcement. SBI Chairman Arundhati Bhattacharya said the Government will now issue a notification which will contain the date at which the merger will become effective. “We think the merger would be some time in the next financial year because we are a listed company and doing such a large exercise just before the annual closing may not be a very good idea,” she told news channels.