SBI changes IFSC codes, names of 1300 branches across India
New Delhi : State Bank of India has changed IFSC codes and names of nearly 1300 branches across the nation after its merger with five associates came to effect. The change has been done majorly in cities like Mumbai, New Delhi, Bengaluru, Chennai, Hyderabad, Kolkata and Lucknow.
“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.
“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 State Bank of India operates nearly 23,000 branches in India and the bank has put up the list of branches with old and new names and IFSC codes on its website.
The IFSC, a unique 11-digit code, is provided to a bank branch by Reserve Bank of India. It is mandatory for all financial transections 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.
