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Government: Mahila Bank and SBI merger in effect from 1st April
April 11, 2017
Bharatiya Mahila Bank (BMB) amalgamation with State Bank of India (SBI), was approved on 15th March by the Cabinet and has taken effect from 1st April, the government reported.
According to Minister of State for Finance Santosh Kumar Gangwar, this merger is for better risk management, improved economy and upgraded operational efficiency.
This also aims at women-centric product delivery delays and is meant to improvise that through wider network and lower funds.
The Bharatiya Mahila Bank was operational only for 3 years and in that time it has offered 192 crore to women, through its 103 branches.
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