"SBI and its seven (associate) banks, which have 25 per cent market share in the banking sector, are already working on integration of some of the functions", Purwar said after inaugurating the local head office of the bank's Mumbai circle.
The mega bank would be established through consolidation and the virtual merger is already taking place, he said, urging the government to provide a facilitating legal environment needed for the consolidation.
On making financial statements compliant with world standards, he said the SBI balance sheet and accounts would be met according to GAAP standards by March 2006.
Internally, the work is already on to prepare the balance sheet according to the international norms, he added.
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