SBI changed the names and IFSC codes of branches located in major cities such as Mumbai, New Delhi, Bengaluru, Chennai, Hyderabad, Kolkata, and Lucknow, among others
Post the merger of its five associates, State Bank of India (SBI) has changed names and Indian Financial System Code (IFSC) codes of nearly 1,300 of its branches located in major cities such as Mumbai, New Delhi, Bengaluru, Chennai, Hyderabad, Kolkata, and Lucknow, among others.
In a Post merger statement SBI’s managing director (retail and digital banking), Praveen Gupta said “Some of our old associate branches are getting merged with SBI branches. When that merger happens, the IFSC codes get changed,” He 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 to new codes. It will not cause any problem to any customer,” he said.
The bank has close to 23,000 branches and has put up the list of all branches with old and new names and IFSC codes on its website. IFSC, is an 11-digit alpha-numeric code used to uniquely identify all bank branches participating in any Reserve Bank of India regulated funds transfer system.
In April 2017, 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.
The bank has also published on its website the full list of all those branches whose names and codes have been changed.