SBI changes IFSC Codes, Branch Codes of 1295 branches after the merger with associate banks. State Bank of India has changed the names, branch codes and IFSC codes of 1295 branched across the country, after the merger of 5 associate banks. SBI has changed the old names and old IFSC codes of branches situated in major cities such as New Delhi, Mumbai, Hyderabad, Chennai, Kolkata, Lucknow and Bengaluru.
Why SBI changes IFSC Codes?
Sri Praveen Gupta said that some of their associate branches are merging with SBI branches. When the merger happens, the IFSC codes of such newly formed branch will get change. He said that they had informed the customers about changes in IFSC codes. Banks have also mapped their customers to the new codes.
If any payments come with old IFSC code then it will be mapped to new IFSC code. It will not bring problems to customers. A list of branches with old & new codes, names, IFSC is available on SBI website.
The IFSC or Indian Financial System Code is an eleven digit alphanumeric code to identify branches uniquely. It is vastly used in the online transactions.
State Bank of India has merged 5 associate banks, i.e., State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Hyderabad and State Bank of Travancore & Bharatiya Mahila Bank w.e.f April 1.