After its merger with its five associate banks, India’s largest public sector lender State Bank of India (SBI) has now changed the names and Indian Financial System Codes (IFSC) of its branches across major cities.
The cities are Mumbai, New Delhi, Bengaluru, Chennai, Hyderabad, Kolkata and Lucknow and others.
According to the bank, customers will be duly notified about the change for their branches, said Praveen Gupta, Managing Director, SBI.
“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.
Consumers can find out the changed IFSC code of their bank by visiting the SBI Branch Locator web page.
“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,” said Gupta.
IFSC is an 11-digit alpha-numeric code that helps in identifying the particular bank branch participating in any Reserve Bank of India handled fund transfer system. It is required for money transfer from one account to another via Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT) or Immediate Payment Service (IMPS) methods.
In one of the biggest mergers reported in Indian banking history, SBI merged with its Five associate banks namely 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 in April this year