SBI to merge loss-making branches in revamp
Ahmedabad: The country’s largest commercial bank, State Bank of India, has begun its post-VRS restructuring programme. Under this the bank plans to merge 440 loss making branches and virtually eliminate its network of regional offices across the country.

It is also working towards redploying additional administrative manpower to frontline banking jobs, in line with practices followed by private sector banks.

The bank management has asked all its 13 circle offices to initiate the process and start merger of loss making branches in their respective areas.

Apart from merging of loss making branches, SBI has also decided to reduce its regional office network as a part of its downsizing programme. The bank is planning to reduce its regional offices from 10 to one or two in each circle.
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Saraswat Bank in alliance talks
Mumbai: In an attempt to spruce up its customer services, private sector bank, Saraswat Bank, is said to be in talks with other leading private sector banks, HDFC Bank and ICICI Bank, to strike a strategic alliance.

It is understood that Saraswat Bank will select either HDFC Bank or ICICI Bank for an alliance that is aimed at providing services in the areas of insurance, correspondent banking arrangement for drawing of demand drafts, pay-orders and at-par facility, and money management, amongst others.

It is believed that such an alliance will bring about greater cooperation between the two banks and provide greater convenience and value-added services to a bank’s customers.
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