SBI plans audit of associate banks ahead of merger

The State Bank of India is planning to carry out a special audit of the associate banks before the scheduled merger. BTVI said in a tweet. 

The SBI is on track to merge with five of its associate banks and the Bharatiya Mahila Bank.

The banks are, the State Bank of Travancore, State Bank of Mysore, State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Patiala, and the Bharatiya Mahila Bank. 

SBI has already received a go-ahead from the government to merge with its associates. 

The move that will be the first major consolidation in tan he domestic banking sector, will create entity with an asset book of over Rs 37 lakh crore. 

BTVI said that SBI is likely to hire auditors for the special audit by October end.