<h1>Union Cabinet Approves Merger of SBI and Subsidiary Banks, Aiming for Efficiency and Cost Savings.</h1> The Union Cabinet, led by the Prime Minister, approved the State Bank of India's acquisition of its subsidiary banks, including State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, and State Bank of Travancore. This move involves repealing relevant acts and is expected to save over Rs. 1,000 crore in the first year through enhanced efficiency and reduced costs. The merger aims to create a stronger entity, improve risk management, and consolidate public sector banks, aligning with the government's Indradhanush action plan to strengthen the banking sector.