Reported by: banking|Updated: April 3, 2017
The consolidated State Bank of India has come into existence. On 1 April, the five associate banks – State Bank of Mysore, State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Travancore and State Bank of Patiala – and the Bharatiya Mahila Bank have formally merged with the State Bank of India, making the entity one among the top 50 banks in the world. Chairperson of SBI Arundhati Bhattacharya addressed a news conference to announce that the State Bank of India has opened as one bank with 500 million customers and started normal operations from 3 April. She said the SBI opened as ‘one bank’ and will continue to operate in the same manner as before post-merger. The treasuries of the SBI and associates have also been completely integrated and have now started work as a single entity, she added. The combined entity will have an asset size of Rs 41 lakh crore, deposit base of more than Rs 26 lakh crore and advances of Rs 18.50 lakh crore. It will have a branch network of 24,000 and ATMs of 59,000 across the country. Bhattacharya said the bank will rationalize its branch network by relocating some of the branches to maximize the reach.