SBI changes IFSC code and branch names - Fusion - WeRIndia

India’s largest lender, State Bank of India (SBI) changed the names and IFSC codes of around 1,300 branches in the country in order to rationalize the merger of six associate banks with it.

These banks are: State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore and also Bhartiya Mahila Bank.

The new list of branch codes and the IFSC codes list has been published on its website.

As per the list of SBI on its website, as many as 1,295 branches have been changed throughout the country.

Most of the branch names and IFSC codes have been changed in areas including Bengaluru, Chennai, New Delhi, Hyderabad, Mumbai, Kolkata and Lucknow.

You can find the old as well new IFSC codes on the website of SBI.

With effect from April 1, 2017, the merger of five associate banks and Bhartiya Mahila Bank (BMB) came into force.

As a result of this merger, both the size as well the valuation of the bank has been increased.

In terms of assets, SBI is positioned at the top 53rd place across the globe.

The worth of SBI’s assets as of June 30, 2018 was ₹33.45 lakh crore.

SBI is the largest not just in terms of deposits, but also in terms of banking outlets and customer acquisition.

The bank had 22,428 branches in India by the end of the first quarter of the current financial year.

The bank’s deposits are 22.84 per cent and advances are at 19.92 per cent.

The bank also reduced its 1,805 branches as a result of the merger with its associates and BMB.

It has currently 2.71 lakh employees. Earlier, the workforce of the bank was 2 lakh.

Image Reference: https://www.pexels.com/photo/mumbai-state-bank-of-india-building-330601/