State Bank of Saurashtra Merger
State Bank of Saurashtra Merger
Indian government today finally sanctioned the merger of SBI – State Bank of Saurashtra with its parent State Bank of India to build it big and competitive on today’s Globalization Economy.
State Bank of Saurashtra has 460 branches and the merger would assist eliminate duplication of branches in the same field. Its net benefit rose 45% to Rs 87.4 crore in 2006-07. The bank has paid-up equity capital of Rs 314 crore.
For effecting the amalgamation, the govt. would 1st repeal the State Bank of Saurashtra Act, 1950 and thereafter amend the SBI Subsidiary Act, 1959 to remove references to the SBS Act wherever it occurs. The new Bill called the SBI Subsidiary Bank Amendment Bill, 2008 will be started in Parliament soon.
Contact Details
State Bank of Saurashtra
Nilambaug Chowk,
Bhavnagar-364 001,
Gujarat,
India.
Phone: +91 0278 2431809, 2510949, 2521280
Telefax: +91 278 2431809