SBI changes names, IFSC codes of nearly 1,300 branches: details inside
The State Bank of India (SBI) has changed names and IFSC codes of nearly 1,300 branches across the country. SBI has taken this step post merger of its six associate banks with it. Accordingly, SBI has published a list of new branch codes as well as the IFSC codes of these branches.
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.
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 BMB, as per the list on its website.
SBI ranks at 53 position among the top banks globally in terms of assets. As on June 30, 2018 the total assets of the bank stood at Rs 33.45 lakh crore.
SBI, the largest bank in India in terms of deposits, advances, customer acquisition and banking outlets, had 22,428 branches across the country by the end of the first quarter of the current fiscal.
Its market share in terms of deposits stands at 22.84 per cent and in respect of advances at 19.92 per cent.
The merger of associates and BMB had helped SBI reduce 1,805 branches and rationalise 244 administrative offices.
As a result of merger, SBI witnessed addition of around 71,000 new employees to its earlier work force of around 2 lakh.
Meanwhile, SBI had earlier said it has ‘set its house in order’ and the credit growth is expected to see 10 per cent growth by the end of the current fiscal.
SBI Chairman Rajnish Kumar also said the bank was in the process of recruiting 8,000 people this year and hopes to also bounce back into profits from the current quarter as the major chunk of provisioning for bad loans was done in the first quarter.
He hoped that the headcount would be 2.60 lakh by the end of this fiscal, maintaining the same level as FY18. “Lending is mostly on consumer loans like car loans, home loans, personal loans. SME is showing a good pick up.
Corporate loans (are also improving) also because now we have put our house in order…so we are looking at some good lending opportunities and I think this year the corporate lending will be revived. We said 10 per cent growth in advances,” he said at a press conference here.
The country’s largest lender suffered a hefty loss of Rs 4,876 crore for the June quarter due to higher bad loans.
The total provisions more than doubled to Rs 19,228 crore for the first quarter of this fiscal, from Rs 8,929.48 crore in Q1 of FY 18.
On a consolidated basis, the bank posted a net loss of Rs 4,230 crore as against a profit of Rs 3,032 crore earlier.
Gross advances crossed the Rs 20 lakh crore mark and grew at 4.91 per cent to Rs 20,48,387 crore by March 2018 from the previous year’s level of Rs 19,52,507 crore.
“A lot of provisioning was done in March quarter as well as in June quarter. The intent is to take the blow upfront and then from September onwards, start returning to normal.
In this year the bank will be in profits.It means whatever loss we shown in June ( April-June quarter), we will not only recover it, but also show profit in this year. Hopefully from September itself bank should show profit,” he said.
He said the bank made a provisioning of Rs 70,000 crore in FY 18 against Rs 55,000 in FY17.