Parliament nod to bill for merger of State Bank of India's subsidiary banks with RBI
Updated : July 18, 2018 06:40 PM IST
The bill repeals the State Bank of India (Subsidiary Banks) Act, 1959, and State Bank of Hyderabad Act, 1956 besides amending the State Bank of India (SBI) Act, 1955.
The State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore were constituted under the State Bank of India (Subsidiary Banks) Act, 1959.
The SBI had 90 percent shareholding in the State Bank of Mysore, 75.07 percent shareholding in the State Bank of Bikaner and Jaipur and 79.09 percent shareholding in the State Bank of Travancore.
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