The Indian Parliament on July 30, 2018 passed the State Banks (Repeal and Amendment) Bill, 2017 that merges the subsidiary banks with the State Bank of India (SBI). It amends the State Bank of India Act, 1955.
Key Highlights
The Bill seeks to repeal the State Bank of India (Subsidiary Banks) Act, 1959, the State Bank of Hyderabad Act, 1956. These Acts established the State Bank of Bikaner, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore, and State Bank of Hyderabad, the subsidiaries of the SBI.
These two acts had established State Bank of Bikaner, State Bank of Patiala, State Bank of Mysore, State Bank of Hyderabad and State Bank of Travancore. These banks were subsidiaries of SBI. By repealing these two acts, five subsidiary banks will be merged with SBI.
