The Centre has decided to merge Bharatiya Mahila Bank with the State Bank of India (SBI) so that the women of the country can avail banking services in a better way.
The BMB, which was set up in 2013, has 103 branches across the country. A per report, the total business of bank is around RS 1,600, out of which Rs 1,000 is that of deposits and rs 600crre for advances. As per the bank’s website, the majority is retail business. In the meantime, the integration process of all five associates with SBI would begin from April 1, as part of consolidation exercise.
As per reports, the assets of State Bank of Mysore (SBM), State Bank of Bikaner and Jaipur (SBBJ), State Bank of Patiala (SBP), State Bank of Travancore (SBT), State Bank of Hyderabad (SBH) will be transfered to SBI and will function as its branches.
Last week, SBI said it would increase its stake in its two credit card joint ventures with General Electric Company to 74 percent. It’s board has already given a green signal to infuse Rs 1,160 crore in the two JVs — SBI Cards and Payment Services Pvt Ltd (SBICPSL) and GE Capital Business Processes Management Services Ltd (GECBPMSL).
At present, the SBI holds 60 percent stake in SBICPSL and 40 per cent in GECBPMSL. The balance being held by GE Capital in both ventures. According to a pact between SBI and GE Capital during the time of formation of SBI Cards, it was decided that when any party would decide to leave joint venture, the decision should to be on the basis of understanding between both sides.
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The SBI, which is country’s largest lender, entered credit card business in 1998. tHE SBI Cards’ board curently has eight members, including three from GE Capital.
(With inputs from PTI)