With the start of the new financial year, SBI creates history.
With a merger of five associate banks and Bhartiya Mahila Bank, The State Bank of India became the new leader with 500 million customers, 740 million accounts and 500 tera-byte of database; this information was given by SBI Chairman Arundati Bhattacharya.
In a general media conference on Monday Bhattacharya informed, “The SBI opened as ‘one bank’ today…just accomplished in the last 48 hours; I don’t think anywhere in the globe anybody has attempted a six-way merger of such a magnitude. We have created a CBS (core banking solution) database which is about 500 tera bytes, which is I guess the biggest Oracle database in the world.”
Adding further to this she said that this whole merger took 48-50 hours, precisely, it started at 3a.m. on 1st April and ended on 5:30 a.m. on 3rd April.
For this absolute work Bhattacharya congratulated Indian hardware and software industry.
SBI merged the only all-women bank; Bharatiya Mahila Bank (BMB) and SBI’s five associate banks
State Bank of Patiala
State Bank of Bikaner and Jaipur
State Bank Of Hyderabad
State Bank of Mysore
State Bank of Travancore
As per the media conference reports, “Merger of data will start from April 24 because audit has to take place. Once audits are completed, from April 24 onwards every weekend one bank will be taken and the data of that bank will be merged. So, within May 27, the entire granular level data merger will be completed. In case of BMB and treasury the granular data merger has already completed.”
As per records, on the last day of financial year 2016-17, the bank handled 135 million transactions, 20 percent more than 100 million handled the last day of previous financial year, with 8-4 percent through e-channels and helped by various tech giant like TCS, WIPRO, and many other.
In the conference the SBI Chief ended it on the note that by July’18 a totally customized look and feel of channel would be there for any customer or bank official to operate upon.