The Cabinet has approved the long-awaited merger of State Bank of India (SBI) with five of its associate banks, leading to the creation of a lender that will be among the world's 50 biggest banks. Mergers typically impact profitability downward, and the smaller banks as well as the larger SBI have large amounts of 'stressed assets' on their books. It's going to be a bumpy road ahead for the combined bank as it moves to bring its accounts together. 

Voting continues in the second phase of a seven phase election in Uttar Pradesh, the state that the BJP had swept in the 2014 general election on the way to winning the biggest national mandate in 30 years. The voting is taking place even as a controversial exit poll was published by Dainik Jagran showing BJP in the lead in Assembly polls. Charges have been filed against the newspaper for violating the election code in publishing these results.

Stock in spotlight: IL&FS Engineering has won two pipeline laying contracts worth Rs. 123 crore from GAIL in Kerala and Karnataka.

Photo of the day: A crowd watches the launch of the ISRO Polar satellite vehicle at Sriharikota. The launch created a world record by putting 104 satellites on board of one rocket. Arun Sankar/AFP/Getty Images?