The country's largest lender, State Bank of India is in plans to merge all its remaining subsidiaries to itself. However, it is not a thing that will happen in a short span, indicated the chairman of the bank, Mr O P Bhatt.
He said that although there are no hurdles to the process, but certain steps are required to be followed and done before the process completes successfully.
So far two of the subsidiaries of SBI have been merged to itself and the process has taken 2-3 years time. So the remaining mergers are likely to take another 3-5 years.
Speaking on new banking licenses to be given out for setting new banks in the system, he said that the step would aid in the economy's growth. He also said that there is ample space for each bank to grow even after the inclusion of new entrants.