2016
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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State Bank of India
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Indian Bank
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Indian Overseas Bank
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Bank of India
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Detailed explanation-1: -LIC to acquire controlling stake of IDBI Bank. The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approvedconveying of no objection to reduction in Government of India shareholding in IDBI Bank Limited to below 50% by dilution.
Detailed explanation-2: -Indian Bank The bank got Rs. 2500 crore worth of capital from the Indian government to complete this merger. On 1st April 2022, the Bank of Baroda (BoB) acquired Vijaya Bank and Dena Bank, bringing the combined employee count to 85, 675 and total branches to 9500+.
Detailed explanation-3: -The first step towards unification occurred on 13 August 2008 when State Bank of Saurashtra merged with SBI, reducing the number of associate state banks from seven to six. On 19 June 2009, the SBI board approved the absorption of State Bank of Indore, in which SBI held 98.3%.
Detailed explanation-4: -In accordance with RBI’s press release dated 28th March 2020, the said mergers were to take effect from 1st April, 2020. Bank of Baroda was merged with Vijaya Bank and Dena Bank. The merger took effect on 1 April 2019. SBI’s associate banks and Bharatiya Mahila Bank were merged with the State Bank of India in 2017.