Business Mantra: Faridabad
SBI & its subsidence’s
Cabinet has approved merger of SBI, SBT (State bank of Travancore), SBBJ (State bank of Bikaner & Jaipur), SBM (State bank of Mysore), and BMB (Bharatiya Mahila bank). After this approval share price of SBI, SBT, SBBJ and SBM have moved up considerably (4% to 20%)
Government is pushing consolidation of public sector banks for many reasons, presently bad asset management is key reason.