post merger, all customers of associate banks will enjoy the benefits of a wide array of digital products and services offered by the State Bank of India.
SBI merged six associate banks
on Saturday to become one of the top 50 banks globally in terms of assets state bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore and Bharatiya Mahila Bank are now a single entity
just in numbers
the total customer base of the bank is now expected to reach 370 million with a branch network of around 24,000 and nearly 59,000 ATMs across the country
The merged entity will have a deposit base of more than Rs 26 lakh crore and advances of Rs 18.50 lakh crore.
what’s next
post merger, the bank will rationalise its branch network by relocating some of them to maximise reach. This will help the bank optimise its operations and improve profitability.
what will happen to the employees
The total workforce of SBI will see a reduction over the next two years. “Manpower will go down with the period of time. Around 10% reduction in two years may be a possibility,” Rajnish Kumar, SBI managing director, said. The public lender currently has around a workforce of 207,000. It will initially add approximately 70,000 employees. Post-merger the staff strength will be 2,77,000. This may come down to 2,60,000 by March 2019.
combined entity will enhance productivity, mitigate geographical risks, increase operational efficiency and drive synergies across multiple dimensions while ensuring customer delight,
Bharatiya mahila bank was established by UPA govt in 2013. Starting with seven branches, it grew to 103. Around 500 employees and 4 lakh customers will now be absorbed by the SBI. The uniqueness of the bank was slowly eroded as other banks launched all-women branches.
The board of SBI earlier approved the merger plan under which SBBJ shareholders will get 28 shares of SBI (Re 1 each) for every 10 shares (Rs 10 each) held. Similarly, SBM and SBT shareholders will get 22 shares of SBI for every 10 shares. SBI had approved separate schemes of acquisition for State Bank of Patiala and State Bank of Hyderabad.
We welcome the customers, employees and all other stakeholders of associate banks and Bharatiya Mahila Bank to SBI fold. The bank will strive to conclude the transition process within a quarter Arundhati Bhattacharya SBI chairperson.
all about sbi accounts
after a gap of five years, SBI will start charging penalty on non-maintenance of minimum balance in accounts. It has also revised ATM charges.
minimum balance For metros, the minimum balance is Rs 5,000. In urban, semi-urban and rural areas, the balance will be Rs 3,000, Rs 2,000 and Rs 1,000, respectively.
atm withdrawals Withdrawal of cash from ATMs will attract a charge of up to Rs 20 if the number of transactions exceeds three from different bank’s ATM in a month and Rs 10 for more than five withdrawals from SBI ATMs
cash deposits
Savings account holders are allowed to deposit cash in their accounts three times a month free of charge and a fee of Rs 50 plus service charge would be levied on every transaction beyond that.
