State Bank Of India (SBI) Changes IFSC Codes of 1300 branches

After the merger with its five associates, SBI has changed names and IFSC codes of nearly 1300 of its branches across the country. The new list has been put up on the website by the bank. Often touted to be the largest lender of the country, SBI has changed the names of its branches located in major cities like Mumbai, New Delhi, Bengaluru, Chennai, Hyderabad, Kolkata and Lucknow, among others.

 

    • IFSC stands for Indian Financial System Code, it is an 11-digit alphanumeric code used to uniquely identify all bank branches participating in any RBI regulated funds transfer system.

 

    • Explaining how the process goes, Praveen Gupta, the bank’s managing director (retail and digital banking), said, “Some of our old associate branches are getting merged with SBI branches. When that merger happens, the IFSC codes get changed,”

 

    • SBI is the largest bank in India with around 23000 branches spread across the country. Mr Gupta said that the customers are informed about this change in IFSC codes and internal mapping has also been done. Some payments that are done via NEFT, IMPS or RTGS methods require IFSC codes and with that getting changed, it has to be mapped.

 

    • To which he said that “Even if some payment comes based on the old IFSC codes, it will get mapped to the new codes. It will not cause any problem to any customer,” he said.

 

    • This change has come post the merger of its five associate branches that happened in April this year. SBI merged its five associate banks—State Bank of Bikaner and Jaipur, State Bank of Patiala, State Bank of Travancore, State Bank of Hyderabad, State Bank of Mysore—and also Bhartiya Mahila Bank into itself and hence, the IFSC codes of these branches have now been changed.

 

    • The customers can check the updated code on the website. The bank has put up the list of branches with old and new names and IFSC codes on its website.

 

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