Given those new rules, here's a DFSORT job that will do what you asked for:
//S1 EXEC PGM=SORT
//SYSOUT DD SYSOUT=*
//SORTIN DD DSN=... input file (FB/48)
//SORTOUT DD DSN=... output file (FB/48)
//SYSIN DD *
OPTION COPY
INREC IFOUTLEN=48,
IFTHEN=(WHEN=INIT,
BUILD=(1,20,C'/',21,15,C'/',36,3,C'/',39,10)),
IFTHEN=(WHEN=INIT,BUILD=(1,51,SQZ=(SHIFT=LEFT)))
/*
Input:
Rachita Bangalore 24 HDFC
Mohan Bangalore 23 ICICI
Mhandasgupta Delhi 23 HDFC
ParvRVenkateshwaraaaBangalore 56 SBI
ParvRVenkateshwaraaaBangalorexxxxxx561SBIxxxxxxx
Output:
Rachita/Bangalore/24/HDFC
Mohan/Bangalore/23/ICICI
Mhandasgupta/Delhi/23/HDFC
ParvRVenkateshwaraaa/Bangalore/56/SBI
ParvRVenkateshwaraaa/Bangalorexxxxxx/561/SBIxxxx