The Lok Sabha has taken up the State Banks (Repeal and Amendment) Bill, 2017 for discussion. The bill was moved by Minister of State for Finance Santosh Gangwar. <br/><br/>It seeks to repeal the two Acts namely State Bank of India (Subsidiary Banks) Act, 1959, and State Bank of Hyderabad Act, 1956. <br/><br/>Further, the bill seeks to amend the State Bank of India Act,1955 to remove references related to subsidiary banks and powers of SBI to act as an agent of the RBI for a subsidiary bank. <br/><br/>In February, the Cabinet had approved the merger of five associate banks with SBI which are State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Travancore, State Bank of Mysore and State Bank of Patiala.<br/><br/>The merger of the these subsidiaries banks with SBI became effective from 1st of April this year. After the acquisition by SBI, the subsidiaries banks have ceased to exist and, therefore, it was necessary to repeal the two Acts.