With which bank was the Bharatiya Mahila Bank merged in 2017?

The correct answer is State Bank of India.

Key Points

• The Bharatiya Mahila Bank was merged with State Bank of India (SBI) on 1 April 2017 as part of the government's banking consolidation efforts.
• Bharatiya Mahila Bank was a public sector bank established in 2013 to cater to women's banking and financial needs.
• The merger was aimed at leveraging SBI's vast network and resources to better serve the objectives of Bharatiya Mahila Bank.
• State Bank of India is India's largest bank and plays a pivotal role in the country's financial sector with its extensive reach and services.
• Post-merger, the branches of Bharatiya Mahila Bank were integrated into the SBI network to provide comprehensive services under one umbrella.

Additional Information

• Bank Consolidation in India
  • Bank consolidation refers to the merger of smaller banks into larger banks to improve efficiency, reduce costs, and achieve economies of scale.
  • It is a critical measure aimed at strengthening the Indian banking system and ensuring stability in the financial sector.
• Bharatiya Mahila Bank
  • It was inaugurated by the then Prime Minister, Dr. Manmohan Singh, on 19 November 2013, coinciding with the birth anniversary of Indira Gandhi.
  • The bank focused on empowering women through financial inclusion and specialized products.
• State Bank of India (SBI)
  • SBI is India's largest public sector bank, with headquarters in Mumbai.
  • It was established on 1 July 1955 and traces its origins to the Imperial Bank of India.
  • SBI offers a wide range of financial services, including personal banking, corporate banking, and international banking.
• Impact of the Merger
  • The merger increased SBI's branch network and customer base, further consolidating its position as a leading bank in India.
  • It also ensured that the specialized objectives of Bharatiya Mahila Bank were carried forward effectively under SBI's umbrella.