SBI awaiting govt nod for associate banks' merger

The State Bank of India said on Wednesday it is waiting for government signals for the merger of its six associate banks.

"Once we get signals, process will not take more than three to six months," SBI chairman O P Bhatt told reporters before the bankers' meeting with the finance minister .

SBI currently has six associate banks, the largest being State Bank of Bikaner and Jaipur.

Bhatt also said if possible the bank would like to have softer interest rates.

Prime lending rate is a function of several factors, he said adding the bank is looking at credit growth rate of 25 per cent in the current fiscal year.