NEW DELHI: India's largest public sector bank State bank of India (SBI) on Monday has changed names and IFSC codes of nearly 1,300 branches across the country, post-merger of six associate banks with itself.
As per the bank website, the leading public sector lender has published a list of new branch codes as well as the IFSC codes of these branches.
A total of 1,295 branches have been changed across the country as per the SBI list enlisting the old and new IFSC codes after rationalisation/merger with associate banks and (Bhartiya Mahila Bank) BMB as per the list on its website.
The merger of six associate banks and Bhartiya Mahila Bank (BMB) with State Bank of India (SBI) came to effect from April 1, 2017 resulting into increase in size and valuation of the bank.
The merger of associates and BMB had helped SBI reduce 1,805 branches and rationalise 244 administrative offices.
Also as a result of merger, SBI witnessed addition of around 71,000 new employees to its earlier workforce of around 2 lakh.
Post-merger, SBI had 22,428 branches across the country by the end of the first quarter of the current fiscal.
The Bank suffered a hefty loss of Rs 4,876 crore for the June quarter due to higher bad loans.