State Bank Of India Undergoes Merger; Plans High On Digital | SupportBiz


State Bank Of India Undergoes Merger; Plans High On Digital

Post-merger of five associate banks, the State Bank of India opened as one bank with 500 million customers and started normal operations from Monday, SBI Chairperson Arundhati Bhattacharya announced in Mumbai.

The associate banks which merged with the SBI are State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank Of Hyderabad, State Bank of Mysore and State Bank of Travancore.

The total customer base of the Bank will reach 37 crores with a branch network of around 24000 and nearly 59000 ATMs across the country. The merged entity will have a deposit base of more than Rs. 26 lac crores and advances level of 18.50 lac crores. Post-merger,all the customers of Associate Banks will enjoy the benefits of a wide array of digital products and services offered by the State Bank of India.

"The SBI opened as 'one bank' today (Monday) and will continue to operate in the same manner as before post-merger," Bhattacharya told the media.

Addressing the customer on ‘Facebook Live’, she said with this merger, the bank has attained the position of top 50 banks globally in terms of assets. The bank also unveiled its new brand identity. “SBI, the nation’s largest bank, today unveiled its new brand identity, designed to position SBI as technology savvy bank”, the bank tweeted further adding that new identity is ready to service a new generation of consumers with new (digital) services and renewed vibrancy.

The treasuries of the SBI and associates have also been completely integrated and have now started work as a single entity, she added.

Some of the key technology products and services of SBI are SBI Quick – a self-service app, State Bank Buddy – a mobile wallet, SBI Mingle – social media banking platform on Facebook and Twitter, State Bank Anywhere - a mobile banking app on smartphones. SBI is the first Bank to launch digital banking outlets –sbINTOUCH branches at various locations to provide an immersive experience to customers in banking.