SBI changes names, IFSC codes of 1,295 branches due to merger with six associate banks and BMB
SBI, the largest bank in India in terms of deposits, advances, customer acquisition and banking outlets, had 22,428 branches across the country by the end of the first quarter of the current fiscal.
The State Bank of India (SBI) has changed the names and IFSC codes of 1,295 branches across the nation, following the state lender's merger with six associates, and the Bharatiya Mahila Bank (BMB).
The list of updated branch names and IFSC codes has been uploaded by SBI on its website.
The merger of six associate banks and Bhartiya Mahila Bank (BMB) with State Bank of India (SBI) came to effect from April 1, 2017, resulting into increase in size and valuation of the bank.
SBI ranks at 53 positions among the top banks globally in terms of assets. As on 30 June, 2018 the total assets of the bank stood at Rs 33.45 lakh crore.
SBI, the largest bank in India in terms of deposits, advances, customer acquisition and banking outlets, had 22,428 branches across the country by the end of the first quarter of the current fiscal.
Its market share in terms of deposits stands at 22.84 percent and in respect of advances at 19.92 percent.
The merger of associates and BMB had helped SBI reduce 1,805 branches and rationalise 244 administrative offices.
As a result of the merger, SBI witnessed the addition of around 71,000 new employees to its earlier workforce of around 2 lakh.
(With inputs from PTI)