Banking

Associate banks’ to function as SBI branches from April 1

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All five associate banks’ of State Bank of India (SBI), which are all set to merge with the parent bank, will start functioning as its branches from April 1.

“Customers, including depositors of State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore will be treated as customers of State Bank of India with effect from April 1, 2017,”said the Reserve Bank of India (RBI).

After the merger of all the five associates, SBI is expected to become a lender of global proportions with an asset base of Rs 37 trillion (Rs 37 lakh crore) or over USD 555 billion, 22,500 branches and 58,000 ATMs. It will have over 50 crore customers, reported The Economic Times.

Reportedly, officers and employees, with the exception of the board of directors and executive trustees of the associate banks, will become employees of SBI following the merger.

Public sector lender SBI has nearly 20,000 branches, including 191 foreign offices spread across 36 countries.

In addition to this, the central government has also announced the merger Bharatiya Mahila Bank (BMB) with SBI.

 

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