Five associate banks of SBI – State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT), besides Bharatiya Mahila Bank (BMB) became part of the State Bank of India (SBI) on 1 April 2017. This merger catapulted SBI to among the top 50 banks in the world.
– With this six-way mega merger, the merged entity (SBI) will have a deposit base of more than Rs. 26 lakh crore and advances level of Rs. 18.50 lakh crore. It will have a total customer base of 37 crore with a branch network of around 24,000 and nearly 59,000 ATMs across the country.
– The government had in February 2017 approved the merger of these five associate banks with SBI. Later in March 2017, the Cabinet approved merger of BMB as well.
– SBI first merged State Bank of Saurashtra with itself in 2008. Two years later, State Bank of Indore was merged with it.