11 August 2017 Current Affairs: The Lok Sabha passed the State Banks (Repeal and Amendment) Bill, 2017.
The bill seeks to repeal the two Acts namely State Bank of India (Subsidiary Banks) Act, 1959, and State Bank of Hyderabad Act, 1956.
It is to amend the State Bank of India (SBI) Act, 1955 to remove references to subsidiary banks and powers of State Bank of India (SBI) to act as an agent of the RBI.
The Union Cabinet approved the merger of five associate banks along with Bharatiya Mahila Bank with SBI.
The five banks were State Bank of Bikaner, State Bank of Patiala, State Bank of Mysore, State Bank of Hyderabad and State Bank of Travancore.