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Cabinet nod for SBI merger

PUBLISHED ON: July 24, 2008 | Duration: 2 min, 06 sec

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As NDTV had reported on Wednesday, the cabinet has given its nod to the merger of State Bank of Saurashtra (SBS) with SBI. According to the SBI Act, the bank is free to acquire assets and liabilities of any banking institution and since SBI holds 100% equity in SBS, it's a straight acquisition by the bank. The bank boards, the RBI and the law ministry cleared the merger and just the government's nod was pending, thanks to opposition from the Left.
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