You are here: Home » PTI Stories » National » News
Business Standard

Associate banks' branches to become SBI branches from April 1

Press Trust of India  |  Mumbai 

Branches of all five associate banks, which is merging with parent State of India, will begin functioning as branches from April 1.

"Customers, including depositors of State of Bikaner and Jaipur, State of Hyderabad, State Bank of Mysore, State Bank of Patiala and will be treated as customers of with effect from April 1, 2017," the RBI said in a notification.

With the of all the five associates, is expected to become a lender of global proportions with an asset base of Rs 37 trillion (Rs 37 lakh crore) or over USD 555 billion, 22,500 branches and 58,000 ATMs. It will have over 50 crore customers.

Officers and employees, with the exception of the board of directors and executive trustees of the associate banks, will become employees of following the

SBI alone has nearly 20,000 branches, including 191 foreign offices spread across 36 countries.

Of the five subsidiary banks, only SBBJ, SBM and SBT are listed.

Meanwhile, the government today announced that Bharatiya Mahila Bank will also be merged with SBI.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, March 20 2017. 21:03 IST