The State Bank of India (SBI) has issued an alert to its customers that the cheque books and the IFSC codes of its amalgamated subsidiaries will not be valid after September 30, 2017. The bank urged the customers of former SBI associate banks to get new cheque books in order to continue transactions.
In a tweet directed at the customers of 5 SBI associate banks and the Bharatiya Mahila Bank, SBI requested them to apply for a new cheque book as soon as possible. The bank also mentioned that customers can apply for new cheque books through internet banking, mobile banking, ATM, or simply by visiting the home branch.
We request customers of SBI's erstwhile Associate banks and Bharatiya Mahila Bank to apply for new SBI Cheque books as soon as possible. pic.twitter.com/iWhq4xtbrn
— State Bank of India (@TheOfficialSBI) September 20, 2017
In the beginning of fiscal year 2018, SBI amalgamated with the Bharatiya Mahila Bank and five of its associate banks including State Bank of Bikaner and Jaipur (SBBJ), State Bank of Travancore (SBT), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), and State Bank of Patiala (SBP).
Following this amalgamation, SBI joined the league of top 50 banks across the world in terms of assets. The merger helped SBI control a deposit base of Rs.26 lakh crore. This merger was aimed at improving operational efficiency, enhancing productivity, and mitigating geographical risks.
With SBI’s amalgamation with its associate banks, the move towards discontinuing older cheque books was already expected by many customers. The bank has now confirmed that 30th September is the last date for using older cheque books.