India’s largest lender SBI Changes 1,300 Branches, IFSC Codes

India’s largest lender, the State Bank of India has changed the unique identifying codes for nearly 1,300 of its branches after its merger with five of its associate banks. These include the names and Indian Financial System Codes (IFSC) of branches located in major cities such as Mumbai, New Delhi, Bengaluru, Chennai, Hyderabad, Kolkata and Lucknow, among others. Customers will be informed of the change, for their branches, the bank’s retail and digital banking Managing Director Praveen Gupta told Press Trust of India.

“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.

He said customers have been informed about the change in IFSC codes, but internally also the bank has mapped them to the new codes.

To find out if you bank’s IFSC code is changed you can check this list or to find out your bank IFSC code and other details you can go to the SBI Branch Locator web page.

“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,” Mr Gupta said.

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.

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.

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Source:Ndtv

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