The largest public sector bank of India SBI merged with State Bank of Patiala, State Bank of Hyderabad, State Bank of Mysore, State Bank of Travancore, and State Bank of Bikaner and Jaipur on 1 April 2017 with the aim to strengthen the country’s banking sector.
It has been over 2.5 years since the merger, and it has witnessed significant improvements. From decline in staff expense, increase in deposit base to cost savings in resources and NPA percentage reduction, it seems to be a good decision.
One of the banks among the five was State Bank of Patiala. Founded by His Highness Bhupinder Singh, The Maharaja of Patiala, in November 1917, the bank operated in undivided India. Later, on 1 April 1960 Bank of Patiala became a subsidiary of State Bank of India and was renamed State Bank of Patiala. And it was on 1 April 2017 the bank merged with SBI. So, it was a gradual process that led to SBI’s largest merger. It was all possible because of the SBI’s tireless efforts and better management.
But the merger left many questions for its account holder, the employees and other associates. However, SBI with its team makes it simple for both online and offline users, offering quality services that were not available earlier.
Transitioning From State Bank of Patiala to SBI
Update IFSC Code
After the merger of its five associated banks, SBI decided to change the bank’s IFSC code. So, if you were a customer of State Bank of Patiala or any other associated bank, then you must know the new IFSC bank code. Generally, banks have IFSC code/ MICR code written on their notice boards. Moreover, you can check online from the official site.
IFSC code is used for online payments like RTGS, NEFT, IMPS and CFMS. So, if you are a net-banking user, check your bank’s IFSC codes at the earliest.
Get New Cheque Book/ Passbook
Customers whose accounts are transferred to SBI also need to apply for a new SBI cheque book and passbook. You can submit the application form for a new cheque book at the same bank branch or any main SBI branch of your region.
If you were earlier using online banking services of any of the five merged banks, then you are authorised to use SBI services. For net-banking, you can log in to the SBI portal with the same username and password. All associated bank customers can now enjoy the same banking facilities of SBI from credit card, debit card to SBI’s housing schemes, insurance covers and more.
So, you can easily transit your previous bank accounts with SBI by the above methods. The merger also proves fruitful for customers as they are now a part of India’s largest public sector bank, and the coming years hold many other benefits.