BMB to be merged with SBI

The decision taken in view of the advantage of the large network of SBI among other things

After Cabinet approval on the merger of five associate banks with the State Bank of India, the Government has decided to merge Bharatiya Mahila Bank (BMB) with the country's largest lender.

"BMB will be merged with State Bank of India (SBI) to ensure greater banking services outreach to a larger number of women, at a faster pace," an official statement said here.

The objectives of affordable credit to women as well as propagation of women-centric products need to be quickly achieved through a wider network and lower cost of funds, it said.

The decision to merge BMB with SBI has been taken in