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SBI changes names, IFSC codes of around 1,300 branches

Even if some payment comes based on the old IFSC codes, it will get mapped with the new codes, said Praveen Gupta

Press Trust of India  |  Mumbai 

SBI, state bank, state bank of India, bank
State Bank of India

Post the merger of its five associates, has changed names and of nearly 1,300 of its branches. The country's largest lender has changed the names and of branches located in major cities such as Mumbai, New Delhi, Bengaluru, Chennai, Hyderabad, Kolkata and Lucknow, among others. "Some of our old associate branches are getting merged with branches.

When that merger happens, the 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 bank has close to 23,000 branches. The bank has put up the list of branches with old and new names and on its website. Indian Financial System Code, or IFSC, is an 11-digit alpha-numeric code used to uniquely identify all bank branches participating in any RBI regulated funds transfer system. The IFSC code is required to transfer money from one account to another using RTGS, NEFT or IMPS methods. In April this year, merged its five associate - 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.

First Published: Sun, December 10 2017. 14:18 IST
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