India’s largest lender State Bank of India (SBI) has changed the names and IFSC codes for 1,300 of its branches. Some of the branches located in major cities such as Mumbai, New Delhi, Chennai, Kolkata, Bengaluru, Hyderabad, etc. have undergone these changes. The merger of SBI with its associate banks is said to be the main reason for this change.
New names and IFSC codes for various branches have already been updated in the bank’s website. To access the list of branches with their old IFSC codes and new IFSC codes, click here.
According to Praveen Gupta, SBI’s managing director for retail and digital banking, IFSC codes have been changed mainly because the old associate banks are getting merged with SBI. He added that customers have been notified of the change. Internally, the bank has already been mapped to the new codes.
SBI merged with its five associate banks in April 2017. The merger consolidated the assets of SBI subsidiaries and created a large bank that is currently ranking among the top 50 banks of the world. Following the merger, the existing customers of associate banks became the customers of SBI. The bank has already made a few other changes in addition to the IFSC code. Earlier, it set a deadline for associate bank customers to change their old cheque books to new cheque books.
IFSC stands for Indian Financial System Code. This is a 11-digit alphanumeric code used to identify the branches of various banks that operate under the Reserve Bank of India’s fund transfer system. This code is primarily used during fund transfers in various systems such as RTGS, IMPS, and NEFT.