SBI changes names, IFSC codes of 1300 branches
The country’s largest public sector bank, State Bank of India (SBI), has made major changes in the names of its branches and IFSC (Indian Financial System Code) after the merger of its five associates Banks. The bank has already taken the initiative to merge the five banks. SBI has replaced 1,300 branches and their IFSC codes. These includes in major cities like Hyderabad, Mumbai, New Delhi, Bangalore, Chennai, Kolkata and Lucknow. The details of these changes are included on the website. SBI has 23,000 branches across India and around 1300 branches IFSC codes were changed across the country.
“Some of our old associate branches are getting merged with SBI branches. When that merger happens, the IFSC codes get changed,” the bank’s managing director (retail and digital banking), Praveen Gupta, said.
Mr. Gupta said customers have been informed about the change in IFSC codes, but internally also the bank has mapped them to the new codes.
“Even if some payment comes based on the old IFSC codes, it will get mapped with the new codes. It will not cause any problem to any customer,” he said
Indian Financial System Code, or IFSC, is an 11-digit alpha-numeric code used to uniquely identify all bank branches participating in any RBI regulated funds transfer system. The IFSC code is required to transfer money from one account to another using RTGS, NEFT or IMPS methods.
As already known that 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.