According to the merger proposal, SBBJ
shareholders will get 28 shares of SBI ( ` 1 each) for every 10 shares ( ` 10 each).
The bank has reduced the base rate or minimum lending rate from 10.25 percent to 10.10 percent effective from May 6, SBBJ
said in a statement.
Shiva Kumar, managing director of SBBJ
, a subsidiary of government-owned State Bank of India, says the initiative will bring "financial freedom" to India's vast rural hinterland, home to about 800 million people.
SBI holds 75.07 per cent stake in SBBJ
, and extends strong funding, managerial, and technological support to the bank.
The State Bank of Bikaner and Jaipur (SBBJ
) has revised its FCNR (B) rates for fresh deposits and renewals, the Economic Times has reported.
As per SBBJ
, rate for 3 months loans will be 9.5 percent, 6 months 9.6 percent and 9.7 percent for one year.
Indian public sector lender, State bank of Bikaner (NSE: SBBJ
), has reported a 28 percent drop in profits at the end of the first quarter of 2013.
India-based State Bank of Bikaner and Jaipur (SBBJ
) is planning to open more branches.