Branches of all five associate banks, which are merging with parent State Bank of India, will begin functioning as SBI branches from April 1.
All branches of State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT) will function as branches of State Bank of India from April 1, 2017.
What will happen to the customers?
"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," the Reserve Bank of India (RBI) said in a notification.
The Government of India has issued the Acquisition of State Bank of Bikaner and Jaipur Order 2017, Acquisition of State Bank of Hyderabad Order 2017, Acquisition of State Bank of Mysore Order 2017, Acquisition of State Bank of Patiala Order 2017 and Acquisition of State Bank of Travancore Order 2017. The orders dated February 22, 2017 issued by the Government of India were published under Extraordinary Part II-Section 3-Sub-section (i) in the Gazette of India sanctioning the Acquisition of State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore by State Bank of India in terms of sub-section (2) of Section 35 of the State Bank of India Act, 1955 (23 of 1955).
Wide banking network
With the merger of all the five associates, SBI is expected to become a lender of global proportions with an asset base of Rs 37 lakh crore or over $555 billion, 22,500 branches and 58,000 ATMs. It will have over 50 crore customers. ICICI Bank, SBI, StanChart Top Bank Frauds List
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. SBI alone has nearly 20,000 branches, including 191 foreign offices spread across 36 countries.Of the five subsidiary banks, only SBBJ, SBM, and SBT are listed.
Bharatiya Mahila Bank
The government on Monday said it has decided to merge Bharatiya Mahila Bank (BMB) with State Bank of India (SBI), the country's largest lender, to ensure greater banking outreach to women. List Of Banks That Cut Lending Rates, Check Out The New Base Rates Here