India’s largest lender, the State Bank of Republic of Republic of India (SBI),which is going to merge amongst its 5 associate banks, has decided to nigh downwards almost one-half of the offices of these banks (47%), including the caput offices of iii of them. This procedure volition starting fourth dimension from 24th Apr 2017. The 5 associate banks volition cease to be equally legal entities in addition to larn a constituent of SBI from 1st Apr 2016.
“Out of the 5 caput offices of the associate banks, nosotros volition retain solely two. Three caput offices of the associate banks volition live on unbound along amongst 27 zonal offices, 81 regional offices in addition to xi network offices of the associate banks,” SBI Managing Director Dinesh Kumar Khara has announced today inwards an interview.
The shut-down deed is to avoid overlapping offices inwards the same surface area in addition to “we recall to take away whatever form of duplicacy inwards the controlling structure”, Khara said.
Employees straight affected past times these shutdowns — estimated at 1,107 — volition live on redeployed, by in addition to large inwards customer-interface operations, Khara said. The associate banks accept too offered a Voluntary Retirement Scheme (VRS) to employees who produce non wishing to relocate.
There are currently 550 SBI offices piece its associate banks accept 259. The target for the seat out of controlling offices later the merger is 687 — a reduction of 122 offices.
The 5 associate banks that volition merge amongst SBI are : SBBJ (State Bank of Bikaner in addition to Jaipur), SBM (State Bank of Mysore), SBT (State Bank of Travancore), SBP (State Bank of Patiala) in addition to SBH (State Bank of Hyderabad).