The merger may take another six months to formalise, the company said, after announcing 14% rise in third quarter net profit. The merger was announced on October 14, last year.
The country's largest lender has tied up with its credit card issuing subsidiary SBI Card to make it happen.
Before this, she was deputy chairman and Jatinder Bir Singh, chairman and managing director of Punjab & Sind Bank, was the chairman of the industry body till his retirement on December 31, 2017.
The government has mandated banks to identify non-core areas for hiving off, and to close overseas branches.
However, the incidence of fraud may not have negative impact on investors planning to invest in India, Kroll said.
Many state-run banks have hardly any advanced training programme for staff or very little motivation to equip themselves with latest developments.
There is just about one appellate tribunal and the government is said to have initiated process to set up for appallate benches to share the workload.
The company is also planning to lend to individual borrowers with the joint liability group-based lending model starting to stifle down growth opportunities.
Loan repayment took a severe hit in the cash-based microfinance sector after the government announced note-ban in November 2016.
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