Come April 1, customers of State Bank of India’s (SBI’s) five associate banks will become customers of SBI. The SBI released a notification stating that the branches of these associate banks will function as SBI branches from April 1.
The five banks include State Bank of Mysore, State Bank of Hyderabad, State Bank of Travancore, State Bank of Bikaner and Jaipur, and State Bank of Patiala. These banks are merging with the State Bank of India, making SBI one of the biggest banking entities in the world.
Post the merger SBI will have over 50 crore customers, with an asset base of $555 billion or Rs.37 lakh crore. The new merged entity will have over 22,500 branches and 58,000 ATMs.
Three of the associate banks, namely State Bank of Bikaner and Jaipur, State Bank of Mysore, and State Bank of Travancore are listed. In addition to these five banks, the Bharatiya Mahila Bank will also merge with the SBI.
The Bharatiya Mahila Bank, formed in 2013 provides banking facilities to empower women in the country. It has over 100 branches across India currently.
All employees of these associate banks will become employees of SBI post the merger. The only exceptions are the executive trustees and the board of directors of the associate banks.