From April 01 all the five associatesof SBI will run under State Bank of India.
The following Banks merged with SBI on April 01, 2017
- State Bank of Bikaner & Jaipur
- State Bank of Mysore
- State Bank of Travancore
- State Bank of Patiala
- State Bank of Hyderabad
Post-merger, the combined entity will have 23,899 branches and employee strength of 2,71,765.
According to government orders issued on February 22 under the State Bank of India Act, 1955, the entire undertaking of State Bank of Bikaner & Jaipur, State Bank of Mysore, State Bank of Travancore, State Bank of Patiala, and State Bank of Hyderabad will stand transferred to and vested in State Bank of India from April 1.
Now, all the policies of State Bank of India is applicable to all the associate banks after merger. The charges is being revived as per the SBI policies.
The merger will effect the online transactions for some time. The staff of the associate banks will face some challenges in their workspace.
Post-merger the SBI will come into top 50 Global Banks.
SBI may shut approx. 40 % of its associate offices and will reduce manpower by 30%.