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The Government today said the merger of State Bank of Indore with State Bank of India (SBI) is in public interest.
The merger is in “overall public interest’’, the Minister of State for Finance, Mr Namo Narain Meena, said while replying to a debate on the State Bank of India (Subsidiary Banks) Amendment Bill, 2010 in the Rajya Sabha.
“Now, they (State Bank of Indore customers) can deposit and withdraw money from all the branches of State Bank of India,” he said.
The Upper House later passed the Bill seeking to omit all references to State Bank of Indore, which has been acquired by SBI in July last year.
The Minister said the merger would provide State Bank of Indore customers, mainly in Madhya Pradesh and Chhattisgarh, access to entire 14,000 SBI branches across the country and abroad.
“Now, they can deposit and withdraw money from all the branches of State Bank of India,” he said and added that the acquisition is in “overall public interest’’.
He assured the members that the interest of employees and retired employees would be protected.
To queries, Mr Meena said there are 86,000 branches of banks in the country out of which 32,000 were in rural areas.
“In recent times, the number of bank branches opened every year is around four to five thousand,” he said.
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