SBI ready to function as a big bank from April 1

All five associate banks, will be merging with parent State Bank of India (SBI) along with Bhartiya Mahila Bank. The new entity will start functioning from April 1.

State Bank of India (SBI) is merging all its five associates, and these banks will work as branches from April 1. The bank is expected to become a lender of global proportions with an asset base of Rs 37 lakh crore, 22500 branches and 58000 ATMs. It will have over 50 crore customers.

SBI alone has about 20000 branches, including 191 foreign offices spread across 36 countries. Out of the five subsidiary banks, only State Bank of Bikaner and Jaipur, State Bank of Mysore and State Bank of Travancore are listed.

The government also announced that Bharatiya Mahila Bank will be merged with SBI. Now, SBI group already has 126 exclusive all-women branches across the country, while the Bharatiya Mahila Bank (BMB) has only seven.

The officers and employees, except the board of directors and executive trustees of the associate banks, will become employees of SBI following the merger.