It was difficult to choose this post for this blog. However, I am convinced about my policy of selecting a news item for this blog. I will definitely write a separate post on policy of this blog but here this news is also a history in the news.
State Bank of Saurashtra merges with SBI. There are news since long that all the subsidiaries will merge with SBI. However, it is the first merger of that sort and now there remains six subsidiaries of the SBI.
However, State Bank of Saurashtra had a history. An extract from the moneycontrol.com has been reproduced below which has affinity with the nature of this blog.
State Bank of Saurashtra merges with SBI. There are news since long that all the subsidiaries will merge with SBI. However, it is the first merger of that sort and now there remains six subsidiaries of the SBI.
However, State Bank of Saurashtra had a history. An extract from the moneycontrol.com has been reproduced below which has affinity with the nature of this blog.
"State Bank of Saurashtra traces its history to the princely Bhavnagar Darbar Bank, which was established in 1902. When the princely states were integrated to form Saurashtra in 1948, the four Darbar Banks - Rajkot State Bank, Porbandar State Bank, Palitana Darbar Bank and Vadia State Bank - were merged, and on July 1, 1950, when State Bank of Saurashtra was born.
In 1960, SBS became a subsidiary of SBI at the suggestion of the All-India Rural Credit Survey Committee."
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