Mumbai, (IANS) The State Bank of India board on Tuesday decided to submit a a proposal to the central government seeking an “in-principle approval” to initiate negotiations with its five associate banks, an official spokesperson said here.

The board of directors discussed the possibility of acquiring its five associate banks – State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore – including their assets and liabilities.

“This discussion is purely exploratory at this stage and not certain,” the spokesperson said.

Additionally, the SBI board also discussed the possibility of acquiring India’s first bank targeted to women – the Bhartiya Mahila Bank and it would explore this acquisition after the central government grants its “in-principle approval” to start negotiations.