In an important development in country’s banking industry, 5 PSU banks will merge into which bank ?
A. PNB
B. ICICI Bank
C. SBI
D. HDFC Bank
Answer:C
In an important development in country’s banking industry, 5 PSU banks will merge into which bank ?
A. PNB B. ICICI Bank C. SBI D. HDFC Bank
Explanation: The respective boards of these 5 associate banks proposed their merger with the State Bank of India (SBI), the parent, in a meeting held on 17 May 2016. The meeting of central board of SBI is now going to consider the merger proposal. Banking industry observers and experts maintained that there is a case for merging some of the public sector banks, which are very small when compared to their global peers. SBI, India’s largest commercial bank, is still not among the top 50 banks in the world. It is ranked only 67th among the global banks. For an economy such as India , the fastest growing large economy in the world, the domestic banking industry is fragmented. During the United Progressive Alliance (UPA) regime, two associate banks, State Bank of Indore (2010) and State Bank of Saurashtra (2008), were merged with the SBI.