After merger, SBI to join top '50 Global Banks' with asset size of Rs 41 lakh crore

State Bank of India (SBI) will enter the list of top '50 Global Banks' with an asset size of Rs 41 lakh crore after the merger with the associate banks and Bharatiya Mahila Bank.

With a new look to mark the first day of the 6-way merged entity, the bank will have a deposit base of more than Rs 26 lakh crore and advances of Rs 18.50 lakh crore. After the consolidation, total customer base of the bank will reach 37 crore with a branch network of around 24,000 and nearly 59,000 ATMs across the country.


Post merger, the bank will rationalize its branch network by relocating some of the branches to maximize the reach. This will help the bank to optimise its operations and improve profitability.Integration of treasuries of associate banks with the treasury of SBI will bring in substantial cost saving and synergy in treasury operations.Getting more technology-savvy, SBI is the first Bank to launch digital banking outlets –sbINTOUCH branches at various locations in India.

Starting April 1, all the customers will have to access net banking facility on SBI's online platform. Thankfully, with the individual website directing to the page, it shouldn't be too confusing. The user interface of the associate banks' net banking websites and SBI's online banking website are more or less the same. 

Customers of the five associate banks can use the same user id and password to access their bank accounts and to make any transfers.To make the transition seamless, the net banking account logged in though SBI will continue to show all the beneficiaries added, cards and bills linked, and loans to be paid out on a schedule, the banks told its customers.

NEFT and RTGS charges will be applicable according to SBI's levies.

For now, the IFSC codes will remain unchanged, however, they are likely to change after July this year.If you are a customer of any of the associate banks, you will be issued fresh cheque and passbooks soon. You may also have to relook the branch as it may be one of the 1,500 that SBI decides to shut down to streamline its operations.