Five associate banks' branches to become part of SBI

Five associate banks' branches to become  part of  SBI
The Reserve Bank of India (RBI) has stated that branches of the five associate banks which are being merged with the State Bank of India (SBI), will function as branches of the latter from April 1, 2017.

“All branches of State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT) will function as branches of SBI from April 1, 2017,” RBI said. “Customers, including depositors of State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore will be treated as customers of State Bank of India with effect from April 1, 2017,” RBI added.

SBI had approved the merger of five of its associate banks and Mahila Bank with itself in August 2016. The government had, in a notification dated February 22, 2017, stated that the entire undertaking of the five associate banks shall stand transferred to, and vested in the SBI from April 1, 2017.

The merger, when it is completed will result in a bank which will have assets of over Rs 37 lakh crore ($555 billion), 22,500 branches and 58,000 ATMs.

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