MUMBAI: It’s a step closer to joining the ranks of the top 50 global banks. The boards of State Bank of India ( SBI ) as well as the five associate banks have approved the swap ratio for the merger of the three listed associate banks with India’s biggest bank.As per the swap ratio, for every 10 shares of State Bank of Bikaner and Jaipur (SBBJ), the shareholder will receive 28 shares of State Bank of India. In case of the other two associate banks, every 10 shares of State Bank of Mysore and 10 shares of State Bank of Travancore would get 22 shares of SBI in each case. The shares of the other two associate banks – State Bank of Hyderabad and State Bank of Patiala will get cancelled since they are wholly-owned by SBI.For the sixth bank, for every 100 crore shares of Bharatiya Mahila Bank (BMB), 4.4 crore shares of SBI would be issued to the government. BMB was formed with the aim to serve women customers and is wholly-owned by the Government of India.The bank has set a deadline of March 2017 to merge all five associate banks with itself. In May, the boards of SBI and the five associate banks had approved the merger proposal — a move that would improve SBI’s global ranking to 45th largest from 52nd position it holds currently.After the merger, the assets size of SBI will be five times that of ICICI Bank , the second-largest bank after State Bank of India. The merged entity will have 23,762 branches spread across India, advances book of Rs 18 lakh crore and deposits of Rs 23 lakh crore. SBI had merged State Bank of Saurashtra in 2007 and State Bank of Indore in 2009 with itself.This is the first time six banks would be merged with the SBI at one shot.As a prelude to the merger, State Bank had directed the associate banks to clean up their books. The five associate banks reported a combined loss of Rs 2,018 crore in the first-quarter of June 2016, after they aligned their loan books in line with the parent bank.The swap ratio would be subject to approval from the Reserve Bank of India and also from the central government. In mid-June the Union Cabinet had approved the merger of the associate banks.