Proposed merger of 5 associate banks with SBI: 47 percent offices may be closed
Posted on: 22/Mar/2017 4:39:23 PM
All the associate banks of the country’s largest public sector bank, State Bank of India, are to be merged with it from 1st April.
The Managing Director of the State Bank of India, Mr. Dinesh Kumar Khara, shared with a news company that in the proposed merger of 5 associate banks with SBI, the headquarters of 3 associate banks will be closed.
27 Regional offices, 81 Branches, and 11 supplementary offices associated with the above will also be closed.
However, no changes will happen in the current infrastructure till 24th April. After that, the administrative offices, branches, zonal, and regional offices will be closed in a gradual manner.
Presently, there are administrative offices for each section in these associate banks. As they will be merged into one identity, there will not be any necessity for several administrative offices.
The 5 associate banks are legally merging with SBI on 1st April. However, auditing of the accounts in branches will be carried out on 31st March and the merging activities will be carried out gradually from 24th April.
Currently, the State Bank of India has 550 administrative offices and the associate banks have 259 administrative offices. It is gathered that 47 percent of the administrative offices are likely to be closed after the merger.
