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Bill to facilitate SBI merger with subsidiaries introduced in Lok Sabha

New Delhi, July 21 (IANS) Finance Minister Arun Jaitley on Friday introduced a bill in the Lok Sabha to repeal the necessary Acts in wake of the merger of State Bank of India (SBI) with its subsidiary banks.

Jaitley introduced the State Banks (Repeal and Amendment) Bill, 2017 to pave the way for the repeal of the State Bank of India (Subsidiary Banks) Act, 1959 and the State Bank of Hyderabad Act, 1956.

The repeal of these two laws is necessary in the wake of all the subsidiary banks of SBI getting merged into the State Bank of India from April 1 this year.

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