Names and IFSC codes changes in 1,300 branches: SBI

As part of rationalization post-merger of six associate banks with itself, the country's largest lender SBI has changed names and IFSC codes of nearly 1,300 branches across the country.

Accordingly, the lender has published a list of new branch codes as well as the IFSC codes of these branches.

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.

A total of 1,295 branches have been changed across the country as per the SBI list enlisting the old and new IFSC codes after rationalization/merger with associate banks and BMB, as per the list on its website.

SBI ranks at 53 positions among the top banks globally in terms of assets. As of June 30, 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 rationalize 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.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)