New Delhi, Aug 27: The State Bank of India (SBI) has changed the names and IFSC codes of 1,295 branches across the nation, following the state lender's merger with six associates, and the Bharatiya Mahila Bank (BMB). The list of updated branch names and IFSC codes has been uploaded by SBI on its website.

SBI, the largest bank in India, had a total of 22,428 branches across the country by the end of June 2018. Following the merger with six smaller lenders and takeover of BMB, the bank undertook a rationalisation programme.

In a bid to streamline the process after the newly acquired assets, the SBI reduced 1,805 branches and slashed down 244 administrative offices.

The merger has resulted in addition of 71,000 more employees on the bank's payroll.

SBI currently stands at 53rd position among the global lenders in terms of assets. Its market share in terms of deposits stands at 22.84 per cent and in respect of advances at 19.92 per cent. By the end of the first quarter of the current fiscal, the bank's total assets valued at Rs Rs 33.45 lakh crore.

The recent merger has resulted in a surge in the bank's size and evaluation. Experts have also linked it to the steps being taken to distress SBI from the non-performing assets. Notably, the merger came into effect on April 1, 2017.

(The above story first appeared on LatestLY on Aug 27, 2018 09:01 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).