MINISTRY OF FINANCE
(Department of Financial Services)
ORDER
New Delhi, the 20th March, 2017
G.S.R. 269(E).—Whereas, the State Bank of India (hereinafter referred to as the Transferee Bank), with the sanction of the Central Government and in consultation with Reserve Bank of India, has entered into negotiations for acquiring, by way of amalgamation, the business including the assets and liabilities of the Bharatiya Mahila Bank Limited (hereinafter referred to as the Transferor Bank);
And, whereas, the terms and conditions relating to the acquisition have been agreed upon by the Central Board of the Transferee Bank and the Board of the Transferor Bank in the form of a Scheme.
And whereas, the Reserve Bank has approved the terms and conditions relating to such acquisition agreed upon, by the Transferor Bank and the Transferee Bank, and forwarded the same to the Central Government for its sanction;
Now, therefore, in exercise of the powers conferred by sub-section (2) of section 35 of the State Bank of India Act, 1955 (23 of 1955), the Central Government, by the following order, accords its sanction, namely :-
1. (1) This Order may be called the Acquisition of Bharatiya Mahila Bank Limited Order, 2017.
(2) It shall come into effect on 1st April, 2017 (hereinafter referred to as the effective date).