No loan till merger is complete: SBI

SBI reduces home loan interest rate by 25 basis points.

New Delhi, March 21: The State Bank of India has decided not to sanction any loan till the merger proceedings are over. The decision became a big blow to the industrialists, traders and regular customers as well. The State Bank of India (SBI), to which five associate banks merge into on April 1, has decided to close down almost half the offices of these banks. This included the head offices of three of the Banks. This process will start from April 24.

“Out of the five head offices of the associate banks, we will retain only two. Three head offices of the associate banks will be unbound along with 27 zonal offices, 81 regional offices and 11 network offices of the associate banks,” SBI Managing Director Dinesh Kumar Khara told.