BANKING AFFAIRS

Detailed explanation-1: -State bank of India is a nationalized bank owned by the government of India. Since its merger in 2017, SBI has become the largest bank in India. There are five associate banks of SBI and the sixth one is Bharatiya Mahila Bank.

Detailed explanation-2: -[10th September, 1959.] An Act to provide for the formation of certain Government or Government associated banks as subsidiaries of the State Bank of India and for the constitution, management and control of the subsidiary banks so formed, and for matters connected therewith, or incidental thereto.

Detailed explanation-3: -In June 2016, the Cabinet approved the merger of State Bank of India (SBI) and five of its subsidiary banks to make it a global-sized bank. The merged entity will become a banking behemoth with an asset base of about Rs 37 lakh crore with 22, 500 branches and 58, 000 ATMs.

Detailed explanation-4: -The imperial bank was later transformed into the State Bank of India in 1955. SBI associate banks are merged: State Bank of Bikaner and Jaipur. State Bank of Travancore.