SBI will be global player after merger with associates: Jaitley

Finance Minister Arun Jaitley is confident that State Bank of India stands to gain a lot under the government’s public sector consolidation framework.

SBI will be a global player, controlling 25 percent of the Indian banking industry, after the merger with its associate and subsidiary units, Jaitley said.

In March 2016, SBI had announced its merger with its five associate or subsidiary banks and Bharatiya Mahila Bank (BMB) after the government gave its green light for the merger.

On Friday in a post-earnings conference, SBI chief Arundhati Bhattacharya said: “We are quite ready and as soon as the government notifies the final order, we will be ready to kick it off. We were planning to do it by March but again because of demonetisaton it will probably mean a deferment of a quarter.”

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