India’s largest lender SBI 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.
The State Bank of India has published a list of new branch codes as well as the IFSC codes of these branches, reported PTI.
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, the report said.
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 position among the top banks globally in terms of assets. As on June 30, 2018 the total assets of the bank stood at Rs 33.45 lakh crore, the PTI report highlighted.
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 per cent and in respect of advances at 19.92 per cent.
The merger of associates and BMB had helped SBI reduce 1,805 branches and rationalise 244 administrative offices, the report said.
As a result of merger, SBI witnessed addition of around 71,000 new employees to its earlier work force of around 2 lakh, it added.