State Bank of Indore Merges with State Bank of India.

State Bank of India is the biggest Lender in the country. In its ongoing process of merging with the associate banks, State Bank of Indore is the second on the list. Last year, SBI acquired State Bank of Saurashtra.

State Bank along with its associate banks in India controls nearly a fourth of India's bank loans and deposits. Earlier on Friday, State Bank of India chairman O. P. Bhatt said that the size of associate banks wouldn't be a reason while proceeding with the merger process.

The banks told SEBI/ Stock exchanges on friday about the approval of the acquisition by The boards of State Bank of India and its associate State Bank of Indore. SBI's central board approved acquisition of the associate bank, subject to approval by Reserve Bank of India and the federal government, it said.

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