State Bank of India will merge with five of its subsidiaries.
The super bank will have 24,000 branches and 500m customers.
According to BBC, five Indian banks are to merge with the country’s largest bank – the State Bank of India or SBI - to create a super-bank with $550bn of assets and 500 million customers. The government expects the merger to create $200m in cost savings. Is consolidation the answer for India's fragmented banking sector?
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