<h1>Union Cabinet Approves SBI's Acquisition of SBICI Bank to Reduce Costs and Enhance Services Under SBI Act, 1955.</h1> The Union Cabinet approved the acquisition of SBI Commercial & International Bank Ltd. (SBICI Bank) by the State Bank of India (SBI) under the State Bank of India Act, 1955. SBICI, a wholly-owned subsidiary of SBI, was established in 1994 and has struggled financially, with a net worth of Rs. 128.74 crore as of March 2010. The merger aims to eliminate the high administrative costs of maintaining SBICI as a separate entity, integrating its two Mumbai branches into SBI's operations. This move will enhance service access for SBICI clients without affecting current SBI beneficiaries.