SBI merger with associate banks, Bharatiya Mahila Bank effective today

The State Bank of India (SBI) has merged its operations with its four associate banks and the Bharatiya Mahila Bank, in a move that will create one of the top 50 banks in the world.

SBI has merged its operations five its four associate banks - State Bank of Hyderabad, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore, and State Bank of Bikaner and Jaipur. It has also merged its operations with the Bharatiya Mahila Bank.

If you go to the net banking website of any of the associate banks, it either opens SBI's net banking page or redirect's to the public sector bank's home page.

The merged behemoth will have an asset base of about Rs 37 lakh crore, 22,500 branches, 58,000 ATMs, and 50 crore customers.

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.

State Bank of India