Why SBI changed IFSC code for 1,300 branches? How to find out yours
Tuesday, December 12, 2017 IST
HIGHLIGHTS
* SBI has changed the name and IFSC code for 1,300 of its branches due to the merger of five of its
associates
* IFSC code is essential in online money transfer systems like NEFT and RTGS
* Customers can check their changed IFSC code through SBI's branch locator and filling up the required
details
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NEW DELHI: The country's largest lender State Bank of India (SBI) on Saturday changed the name and IFSC code for 1,300 of its branches. The move is a result of the merger of five of its associates.
IFSC Code refers to Indian Financial System Code, which is an eleven-character alpha-numeric code assigned by RBI (Reserve Bank of India) to identify every bank branch uniquely. The IFSC code is essential in online money transfer systems like NEFT and RTGS. Customers can find the IFSC code of respective branches on cheque leaves or other bank sponsored material.
SBI's managing director (retail and digital banking), Praveen 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. The bank has put up the list of branches with old and new names and IFSC codes on its website.
Customers can also check their changed IFSC code through SBI's branch locator and filling up the required details.
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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