SBI Changes Branch And IFSC Code Names Of 1300 Bank Branches

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    As a step of rationalization, six subsidiaries of SBI bank last year were merged into itself and in line with it bank branches and IFSC code of as many as 1300 branches were changed. Thereafter, the bank has come up with a list that entails new branch codes and IFSC codes of SBI branches.

     SBI Changes Branch And IFSC Code Names Of 1300 Bank Branches

    The merger of these associate banks as well as Bhartiya Mahila Bank resulted in the increase in valuation and size of the bank.

    In terms of assets, SBI is ranked 53rd in the global markets, the bank as on June 30, 2018 commands total assets to the tune of Rs 33.45 lakh crore.

    As per the last ended quarter of the FY 2019, bank has 22,428 branches across the country. The bank is the leading lenders with respect to advances, customer acquisition, banking outlets as well as deposits.

    With the merger or rationalization of the associate SBI banks and Bhartiya Mahila Bank, bank has been able to bring down number of branches to 1805 as well as rationalize 244 administrative offices.

    Also, the merger activity scaled up employment opportunities with the addition of as much as 71,000 staff to its then workforce of appx 2 lakh.

    Read more about: sbi merger
    Story first published: Tuesday, August 28, 2018, 9:58 [IST]
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