Bharatiya Mahila Bank to merge with SBI

The Government of India has decided to merge the Bharatiya Mahila Bank (BMB) with the State Bank of India (SBI) to ensure greater banking services outreach to a larger number of women, at a faster pace. The objective is to offer affordable credit to women as well as propagate women-centric products, which need to be quickly achieved through a wider network and lower cost of funds.The decision to merge BMB with SBI has been taken in view of the advantage of the large network of SBI among other things. In the three years since BMB was established,...

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Government to infuse capital in IDBI, Bank of Maharashtra and Dena bank

State-owned IDBI Bank, Bank of Maharashtra and Dena Bank will receive a capital infusion from the government in lieu of preferential allotment of shares. IDBI Bank will get Rs 2,500 crore funding from the government, subject to regulatory approvals. Board of directors of the bank at a meeting held today approved proposal to allot preference shares to the government.“Board of directors of the bank has approved the proposal for preferential issue of capital to government and other financial institutions, if any aggregating up to Rs 2,500 crore,”...

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Branches of associate banks to operate as SBI branches from April 1

All the branches of 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) will function as branches of State Bank of India from April 1, 2017.All the customers including depositors of these banks will now be treated as customers of SBI from April 1.The cabinet had approved the proposed merger of State Bank of India (SBI) and five subsidiaries in February this year. Source : Economic Time...

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How India switched to digital payment methods

After the government banned Rs 500 and Rs 1,000 notes in November’16, digital activity levels were low in the initial weeks as people were busy depositing or exchanging the banned notes. But it increased from December as remonetisation progressed.Growth was good in October 2016, mainly on account of festive season. But it continued further from November 16 to January 17 as well. This was a positive fallout of demonetisation. However, the pace of growth moderated somewhat in February 2017.Source : Economic Time...

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SBI to shut down 47% of associate banks' offices post-merger

State Bank of India (SBI), which will see five associate banks merge into it on April 1, has decided to shut down almost half the offices of these banks, including the head offices of three of them. This process will start from April 24."Out of the five head offices of the associate banks, we will retain only two. Three head offices of the associate banks will be unbound along with 27 zonal offices, 81 regional offices and 11 network offices of the associate banks," SBI Managing Director Dinesh Kumar Khara told IANS in an interview."We will...

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