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Friday , 18 August 2017
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Beware! SBI to shut down 47% of its branches

Post the merger of its five associate banks on April 1, the State Bank of India (SBI) has decided to shut down nearly 47% of the branches of these associate banks. The offices that will be shut down include the head offices of three of these associate banks. The five associate banks that will merge with SBI on April 1 include SBH (State Bank of Hyderabad), SBBJ (State Bank of Bikaner and Jaipur), SBP (State Bank of Patiala), SBT (State Bank of Travancore), and SBM (State Bank of Mysore). These five associate banks will no longer be considered a legal entity post their merger with SBI.

Speaking on the development, SBI Managing Director Dinesh Kumar Khara said, “Out of the five head offices of the associate banks, we will retain only two. Three head offices of the associate banks will be unbound along with 27 zonal offices, 81 regional offices and 11 network offices of the associate banks. We will keep their structure in place till April 24 and, post that, we will start dismantling the associate banks’ controlling offices, which includes head offices, regional offices, zonal offices and network offices.”

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