This will be the second merger of an associate bank with the SBI after a similar exercise with the State Bank of Saurashtra in August 2008.
Former Surendranagar collector Rajendrakumar Patel is accused of fixing bribe rates for approving change of land use applications, according to the Enforcement Directorate.
Not far behind is Himachal Pradesh Cricket Association (HPCA), who requested for funds to organise fourth India vs Australia Test, starting March 25, despite having Rs 65 crore plus in the association's bank account.
This will be second such merger of State Bank of India's associate banks.
'The BJP will win comfortably if the Congress and AAP fight separately -- though not with 162 seats.' 'But if they form an alliance, it will become a major problem for the BJP. That's precisely why this expansion is happening now.'
IMD data shows in the 24 hours between September 1 and 2, Haryana received 806 per cent more rainfall than normal, Punjab 759 per cent, Himachal Pradesh 510 per cent, Delhi 740 per cent, Chandigarh a staggering 1,638 per cent, and Rajasthan 193 per cent.
A special Central Bureau of Investigation court in Mumbai has convicted four former bank officials in one of the multi-crore securities scam cases and sentenced them to three years imprisonment, 25 years after the scam involving 'Big Bull' Harshad Mehta came to the fore.
Rain-related incidents claimed nine more lives in Gujarat, taking the death toll to 16 in two days, while another 8,500 people were relocated and rescued from flood-affected areas with rains continuing to lash some parts of the state for the fourth consecutive day on Wednesday, officials said.
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The Reserve Bank released a report on 'Banking Structure in India -- The Way Forward' in August 2013, which covered issues such as consolidation of large-sized banks with a view to have a few global-sized banks and the desirability and practicality of having small, localised banks as preferred vehicles for financial inclusion.
The proposal for merger of State Bank of Saurashtra (SBS) with SBI will go before the Union cabinet, which is expected to give its nod soon.
The Congress is chiefly banking on the issue of water woes and "incomplete" irrigation projects to make fresh inroads in rural Saurashtra, sensing a feeling of being "left out" among the populace.
After BJP candidate Mukesh Dalal's Surat win, Gujarat will see 25 Lok Sabha seats go to polls on May 7 with 266 candidates in the fray.
Employee integration and branch rationalisation are major challenges.
State Bank of India is also expected to tap the markets this year
Kotak Mahindra Bank's acquisition of ING Vysya Bank is the country's first ever amalgamation of a profit earning entity post the global financial meltdown in 2008.
Exuding confidence in sustaining the tempo of credit growth, public sector bankers said on Wednesday that consolidation in the public sector bank (PSB) space has given them a robust base to scale. The privatisation of PSBs can be done through divestment of government stake to a wider base of investors without haste. There is nothing to worry about at this point (high credit offtake) as underwriting standards and risk management are much better.
While boards of both the banks had approved the merger plan, bank employees went on one-day strike protesting the move.
For effecting the amalgamation, the government would first repeal the State Bank of Saurashtra Act, 1950 and thereafter amend the SBI Subsidiary Act, 1959 to remove references to the SBS Act wherever it occurs. The new Bill, to be introduced in Parliament soon, would be called the SBI Subsidiary Bank Amendment Bill, 2008.
State Bank of Saurashtra first to merge with SBI
Earlier this month, the Union Cabinet had approved the merger of SBS with SBI. The boards of both the banks had given their approval for the merger in August last year. SBS is a wholly-owned subsidiary of the State Bank of India. The merger would be effective from the 'date as may be notified by the Govt of India in the official Gazette'.
A statement issued by the association claimed that a total of 80,000 officers working in over 15,000 branches/offices all over the country would observe a day's strike on that day.
Even though staff below the officers rank is not participating in the strike, but activity in the country's largest lender and its associate banks will be affected.
One of the teams rescued two lion cubs that had fallen into an open well in Jasadhar Range of Gir East division during the cyclone's landfall on Thursday evening, the official said.
Voting will be held on Thursday for the first phase of Gujarat Assembly elections in 89 seats spread across 19 districts in Saurashtra-Kutch and southern parts of the state where 788 candidates are in the fray.
Only if we could have a Rohit versus Ashwin clash in the semis! What a perfect fill-up it would be for the resurgence of the Ranji Trophy.
There may not be any legal obstacles to the State Bank of Saurashtra's merger with the State Bank of India but it is the United Progressive Alliance's political compulsions that are holding back the deal, which is expected to pave the way for merger of the other six SBI associates with the parent. In response to the law ministry's objections, the RBI has told the government that the Centre could go ahead with the merger without any immediate legal glitches.
Seeking to create a global-sized bank, the Cabinet on Wednesday gave the go-ahead to the merger plan of SBI and its five associates, a step aimed at strengthening the banking sector through consolidation of public banks.
The BJP has done extremely well in the Patidar-dominated constituencies of the state, winning almost every seat that has significant Patel population.
Gale-force winds, heavy rainfall and high tidal waves swept the coastal belt of Kerala, Karnataka and Goa as Cyclone Tauktae hurtled northwards towards Gujarat on Sunday, leaving four people dead in Karnataka and two in Goa, damaging hundreds of houses, uprooting electricity poles and trees and forcing evacuation.
Heavy downpour continued in various parts of Gujarat on Tuesday and six people died in rain-related incidents in the last 24 hours, raising the toll to 69 since June 1, officials said.
The five-judge constitution bench headed by Chief Justice DY Chandrachud, which heard their contentions at length, told them they will have to justify the procedure adopted for abrogation as the court cannot postulate a situation "where the ends justify the means".
The Supreme Court says the 'whole exercise appears to be an eyewash'.
Usually, taking two wickets against a strong North Zone would leave any 17-year-old bowler with a wide smile. But Jotin Singh's smile had a tinge of nervousness.
Facing stiff dissidence in Saurashtra, Gujarat's ruling Bharatiya Janata Party is pinning its hopes on the northern part of the state and Mehsana district for making up possible losses.
'He was a cricketer who come once in a lifetime...'
23 year old Preeti Mehta was determined to do an MBA after her graduation. The high cost of doing an MBA did not deter her from pursuing her dreams. Here she speaks about her experience of taking an education loan and how she plans to repay the same.
With the assembly polls only two years away, in 2026, any demoralising defeat in 2024, would challenge not only the party's continued relevance but also EPS's leadership, asserts N Sathiya Moorthy.
Rural budget set to increase; likely to enhance market linkages for agri commodities
Vishal Uppal beat Karan Rastogi to set up a title clash with Rohan Bopanna in National Grass Court championships
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