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The shut-down move is to avoid overlapping offices in the same area and “we intend to remove any kind of duplicacy in the controlling structure”, Khara said.
Employees directly affected by these shutdowns — estimated at 1,107 — will be redeployed, mostly in customer-interface operations, Khara said. The associate banks have also offered a Voluntary Retirement Scheme (VRS) to employees who do not wish to relocate.
There are currently 550 SBI offices while its associate banks have 259. The target for the number of controlling offices after the merger is 687 — a reduction of 122 offices.
The five associate banks that will merge with SBI are : SBBJ (State Bank of Bikaner and Jaipur), SBM (State Bank of Mysore), SBT (State Bank of Travancore), SBP (State Bank of Patiala) and SBH (State Bank of Hyderabad).
Notably, the government has cleared the merger of Bharatiya Mahila Bank (BMB) with SBI today.
Notably, the government has cleared the merger of Bharatiya Mahila Bank (BMB) with SBI today.
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