State bank of India has changes names ,IFSC codes of nearly 1,300 branches across country. SBI has taken this steps post merger of its six associates bank with it.
accordingly, SBI has published a list of new branch codes as well as the IFSC code these branches.
the merger if six associates and Bhartiya Mahila Bank (BMB) with State bank of India came to effect from April 1, 2017. resulting into increase in size and valuation of the Bank.
Total 12,95 branches have been changed across the country as per the SBI list enlisting the old and new IFSC codes after retionalisation/merger with associate banks and BMB, as per the list on its website.
SBI ranks at 53 position among the top banks globally in term of assets. As on June 30, 2018 Total assets of the Bank stood at Rs 33.45 lakh crore.
State Bank of India is the largest bank in terms of deposits, advances customer acquisition and Banking outlets. SBI had 22,428 branches across the country by the end of the first quarter of the current fiscal.
and the market share in terms of deposits stand at 22.84 per cent and in respect of advance at 19.92 per cent.
The merger of associates and BMB had helped SBI reduce 1,805 branches and rationalise 244 administrative office.
result of merger of SBI witnessed addition of around 71,000 new employee to its earlier work force of around 2 lakh.
SBI Chair person, Rajnish Kumar also said that the bank was in process of recruiting 8,000 people this year and hopes to also bounce back into profits from the current quarter as the major chunk of provisioning for bad loans was done in the first quarter.
The total provisionas more than doubles to Rs 19,228 crore for the first quarter of this fiscal, from Rs 8,929.48 crore in Q1 of FY 18.
based on consolidated, bank posted a net loss if Rs4,230 crore as against of profit of Rs 3,032 crore earlier.
A gross advances crossed the Rs 20 lakh crore mark and grew at 4.91 per cent to Rs 20,48,387 by March 2017 from previous year.
A lot of provisioning was done in March quarter as well as in June quarter , the intent is to take the blow upfront and then from Sept onwards.
In this year the bank will be in profits, it means whatever loss we shown in June , we will not only recover it, but also show profit in this year.
(Inputs from DNA India)
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