State Bank of India has changed the unique codes for nearly 1,300 of its branches as a result of its merger with its associate banks. Customers will be informed of the change in the Indian Financial System Codes, better known as IFSC, for their branches, the bank’s retail and digital banking Managing Director Praveen Gupta told PTI.
“Some of our old associate branches are getting merged with SBI branches,” Gupta said. “When that merger happens, the IFSC codes get changed.”
The bank, India’s largest lender, has also mapped old codes into the new ones, so that payments made using the old codes do not cause trouble to customers. It has also put the list of branches with old and new names and IFSCs on its website.
The Indian Financial System Code is an 11-digit alphanumeric code that helps uniquely identify bank branches. It is widely used in online transfer of money.
SBI merged five of its associate banks – State Bank of Bikaner and Jaipur, State Bank of Patiala, State Bank of Travancore, State Bank of Hyderabad and State Bank of Mysore – and Bharatiya Mahila Bank with itself from April 1.
Limited-time offer: Big stories, small price. Keep independent media alive. Become a Scroll member today!
Our journalism is for everyone. But you can get special privileges by buying an annual Scroll Membership. Sign up today!