SBI changes names, IFSC codes of nearly 1,300 branches post-merger with associates

New Delhi: State Bank of India, the country's largest lender, has changed names and IFSC codes of nearly 1,300 branches across the country as part of rationalisation post-merger of six associate banks with itself.

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 1 April, 2017 resulting into increase in size and valuation of the bank.

SBI. Representational image. Reuters.

SBI. Representational image. Reuters.

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 rationalisation/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 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.

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Updated Date: Aug 28, 2018 11:01:26 IST

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