Indian largest lender, State bank of India has changed names and Indian Financial System Code (IFSC) codes of around 1,300 branches, soon after merged five of its branches into itself. These branches are located in major cities such as in New Delhi, Bengaluru, Mumbai, Chennai, Hyderabad, Kolkata, and Lucknow. The managing director (retail and digital banking) of State Bank of India, Praveen Gupta said, “Some of our old associate branches are now getting merged with branches of SBI. When this merger happens, the IFSC codes get changed”. The customers have been informed about the change in IFSC codes, but also the bank has internally mapped them to the new codes. 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, Gupta added.
An 11-digit alpha-numeric code which is used to uniquely identify all bank branches participating in any Reserve Bank of India for the regulated funds’ transfer system, is known as IFSC. It is necessary to use IFSC code to transfer the money from one account to another using RTGS, NEFT or IMPS methods.
How can you find your branch IFSC:
As SBI has changed the unique identifying codes for nearly 1,300 of its branches which are located in major cities such as Mumbai, New Delhi, Bengaluru, Chennai, Hyderabad, Kolkata, and Lucknow. To find out your bank branch IFSC code changed or not you can check this list given on SBI official website www.onlinesbi.com. A customer can find their bank IFSC code and other details by visit the SBI Branch Locator web page.
To recall, the five associate banks which merged in SBI in April this year, includes State Bank of Bikaner & Jaipur, State Bank of Patiala, State Bank of Travancore, State Bank of Hyderabad, State Bank of Mysore and Bhartiya Mahila Bank.
For the List of Changed IFSC of SBI click the Given link :