SBI

In April 2017, State Bank of India (SBI) merged its subsidiaries like State Bank of Mysore(SBM), State Bank of Travancore (SBT) , State Bank of Patiala (SBP) and State Bank of Bikaner and Jaipur(SBBJ) with the parent bank ie SBI. That time it was announced that the branches of subsidiaries’ bnaks will operate as it is but they will be now named as State Bank of India. But now SBI is going back on their promises and started closing many subsidiary branches  and merging  them with original SBI branches.

Let me share , my personal experience with  friends on this issue.

1. I am account holder with State Bank of Mysore, Mahakali Road branch, Andheri East  and  State Bank of Bikaner and Jaipur, Mahakali Road branch, Andheri East Mumbai, for almost 3 decades. One of the bank(SBM) is within walking distance from my home , the other bank (SBBJ)was also closer to SBM branch but 15 years back it was shifted to new location which is about 1 Km from my home.
2. Suddenly last week I came to know that the accounts from both SBM and SBBJ are being shifted to original SBI branch which is 3 Km from my home.
3. On inquiry I was told by the officials of both the banks that it is a corporate decision and they are unable to answer why the operation from these branches are being closed.
4. In SBM branch, I have locker , my Fixed deposits, my main saving account and in SBBJ branch also I have saving account and fixed deposits.
5. Now situation is that, it is most impractical to operate an account in a branch which is 3 Km away. OK some one will say in today’s scenario  with net banking you do not have to visit bank. But being a senior citizen I am not net savvy  and for operating  lockers you do  have to visit bank branch.
6. So what was the option left for me- immediately I started looking out for bank locker in nearby other bank branches. Luckily we manage to get one locker in Co Op bank near my home, where my wife has a saving account.
7. Next thing I did was to open a saving account in the same Co Op bank, and today closed my Fixed deposits and saving account  in SBBJ branch.
8. Already I have en cashed all my investments  (FDs) with SBM branch, and planning to close my Locker and my saving account with the branch. This will take me couple of days more.
9. Now my next worry is  I can not put all my saving money and investments in Co Op bank for obvious reasons, so I have to open one more saving account in some other bank.
10. I am sceptical in opening  an account in nationalised bank as there is news in the market that govt is planning to have only 3 0r 4 major banks along with SBI and all other banks will be merged with them. So I will have to open an account with a private bank, as I do not know  the branch of  nationalised bank near my home will be there or not in future.

I understand that this type of experience have been or will be faced by lakhs of citizens of the country. One the one hand Govt says that we should deposit our money in the bank and on the other hand they are reducing the number of branches. As with the small savings and other investments being deposited with banks by crores of citizens, the banks are able to lend the finances to industrialists and infra structure developers. But in the end it is small investors of saving  account holders in the banks are the sufferer, as  interest rates given to them for saving accounts and FDs are reducing day by day. To attract more companies committing to industrial  and infra structure investments govt is is reducing lending rates, for growth of the nation but has govt given any thoughts on with such a  low interest how the senior citizens who do not have pension income are going to survive. What a pity on whose savings govt is trying to build the nation’s growth are the main sufferers . The day is not far when with farmers , senior citizens, who are all alone, will start ending their lives.

What you say my friends.

Awaiting your feed backs and comments.’