State Banks(Repeal and Amendment) Bill, 2017 introduced in LS

New Delhi, Jul 21 : The State Banks (Repeal and Amendment) Bill, 2017 was introduced by Union Finance Minister Arun Jaitley in the Lok Sabha today. After the acquisition of the subsidiary banks by the SBI, the subsidiary banks have ceased to exist and therefore, it was necessary to repeal the State Bank of India(Subsidiary Banks) Act, 1959 and the State Bank of Hyderabad Act, 1956, In the Statement of Objects and Reasons it was stated that with the sanction of the Central Government and in consultation with the RBI, the SBI entered into negotiations with the State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore and the State Bank of Hyderabad for acquiring business, including assets and liabilities. The SBI initiated the process of acquisition for the purposes of rationalisation of resources, reduction of costs, better profitability, lower cost of funds leading to better rate of interest for public at large improved productivity and customer service. UNI