Shares of PSU banks gained up to 5% after the RBI came out with a scheme for resolution of bad loans of large projects wherein a portion of the debt will be converted into equity or other instruments.

The scrip of Punjab National Bank surged 5.18%, Bank of India rose by 3.14%, Bank of Baroda climbed 2.43% on BSE.

State-run banking behemoth State Bank of India has set up a crack team to prepare a framework for amalgamation of five associate banks with itself, even as the political opposition to the proposed move is gaining ground and the government approval is still awaited.

“A team of 15-20 members has been set up and it has started working on the framework for the merger. The team is headed by a general manager and there are a few deputy general managers,” a source said.

State Bank of India (SBI) and Spain's CaixaBank have inked pact to provide loans to Indo-Spanish joint ventures and local enterprises here.

SBI and CaixaBank have signed a memorandum of agreement to enhance business synergies.

Four Indian women, including SBI Managing director Arundhati Bhattacharya and ICICI Bank Managing director Chanda Kochhar, are in the new list of Forbes’ world’s 100 most powerful women who are building billion-dollar brands and calling the shots in the financial markets.

The Forbes ‘100 Most Powerful Women’ in the world list 2016, topped by German Chancellor Angela Merkel, includes PepsiCo Chief Indra Nooyi, Biocon Founder Kiran Mazumdar-Shaw and HT Media head Shobhana Bhartia.

The proposed merger of State Bank of India (SBI) with its five associate banks and the Bharatiya Mahila Bank (BMB) will cost it around Rs 3,000 crore, said SBI chairman Arundhati Bhattacharya, while announcing the bank’s fourth-quarter results here on Friday.

However, the benefits from the merger will outweigh the costs, she added. “We have sought the government’s permission to begin negotiations. We hope the permission will be forthcoming... We have tried to assess what a merged entity would look like, and I can assure you that there will not be any impact either on capital or NPA (non-performing asset) position, and we are well positioned for the merger.”

State Bank of India (SBI) will announce its financial results for the fourth quarter ended March 31, 2016 on Friday. According to market experts, State Bank of India (SBI) may report around 50 per cent year-on-year fall in net profit figures for the quarter ended March 2016.

Nearly 50,000 employees of five associate banks of State Bank of India have gone on a day-long nationwide strike today to protest the proposed merger with their parent bank.

The employees of all the associate banks of SBI are protesting under the banner of All India Bank Employees Association (AIBEA).

The proposed merger of five associate banks with the State Bank of India (SBI) is a government-mandated move to set the bank consolidation into motion and create a large international bank in India. With the employees of associate banks, affiliated to All India Bank Employees Association, up in arms, calling for a strike on May 20 against the closure and takeover of associate banks by SBI, the government may be staring at a big issue.

Taking forward the consolidation agenda, State Bank of India (SBI) may merge its five associate banks and Bharatiya Mahila Bank (BMB) with itself to emerge as a financial behemoth, with assets worth Rs 37 lakh crore ($550 billion).

Its five associates are State Bank of Bikaner & Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT). BMP, started in 2013, is a Delhi-based public sector lender.

The Election Commission (EC) has allowed State Bank of India (SBI) to take three trucks carrying cash (estimated Rs 570 crore) to bank's Coimbatore main branch.

Senior SBI official said bank executives have held discussions at EC headquarters in Delhi as well as in Tamil Nadu.

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