SBI Extends Deadline To Get New Cheque Books Of Merged Banks

The decision to extend the last date has been taken by Reserve Bank of India, says SBI.

Have you missed the September 30 deadline to get a new cheque book for State Bank of India’s (SBI) erstwhile associate banks? Don’t worry, you may now apply for a new one till the year ends as the deadline has been extended. The country’s largest lender in a tweet said: “The validity of cheques of former associate banks has been extended till 31st December, 2017.” The decision to extend the last date has been taken by Reserve Bank of India (RBI), it added. Last month, SBI had asked the customers of its subsidiary banks to apply for new cheque books and the Indian Financial System (IFS) codes “as soon as possible”.

The bank said that the users can avail the new cheque books via internet, mobile banking, visiting ATMs or the home branch. Apply for new cheque books before December 31 to avoid any inconvenience, SBI further stated.

SBI also revised its service charges for maintaining monthly average balance (MAB) for its account holders. From October onwards, the bank has decided to treat the metro and urban centres in the same category, it said in a release.

SBI recently completely waived off account closure charges for some accounts.

Last week, the government appointed Rajnish Kumar as new SBI chief for three years, effective October 7. He replaced Arundhati Bhattacharya who stepped down after being at the helm for four years.

The change comes at a time when SBI, which accounts for more than a fifth of India’s banking assets, has been seeing bad loans rise after it absorbed five subsidiary banks earlier this year. The bank merged Bharatiya Mahila Bank (BMB) and its five erstwhile associate banks – State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Raipur, State Bank of Travancore and State Bank of Hyderabad – with itself.

Source by ndtv..