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Bharatiya Mahila Bank is history, set to merge with State Bank

DNMUM385262 | 3/21/2017 | Author : DNA Money Correspondent | WC :312



Mumbai: Bharatiya Mahila Bank (BMB), which started with much fanfare to nurture the entrepreneurial skills of women by the former finance minister P Chidambaram in 2013, will now be merged with the State Bank of India (SBI).
The merger is part of the government’s proposed moves to usher in reforms in the banking sector where consolidation will be the way forward. The government is in the process of identifying smaller banks to be merged with bigger banks for a stronger thrust, especially in the semi-urban and rural areas.
SBI is in the middle of merging its own five associate banks with itself. From April 1, six banks -- the five associate banks and BMB -- will be merged with SBI.
The finance ministry said in a late e
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