After the merger of the five SBI associate banks into SBI recently, State Bank of India has now updated the names of branches and IFSC codes of 1300 branches nationally. The IFSC code and branch name changes have been made to SBI locations across major metros including Delhi, Bombay, Hyderabad, and Bangalore.
“Some of our old associate branches are getting merged with SBI branches. When that merger happens, the IFSC codes get changed” said Praveen Gupta, SBI’s MD for Retail and Digital Banking.
“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,” said Praveen Gupta.
IFSC (Indian Financial System Code) is a 11-digit alpha-numeric code that identifies bank branches. IFSC codes are used by customers to facilitate inter-account money transfers using RTGS, NEFT and IMPS methods. SBI customers have been informed about the change and any use of old codes will not have impact on funds.
The five associate banks that have now merged into SBI include SBH (State Bank of Hyderabad), SBBJ (State Bank of Bikaner and Jaipur), State Bank of Patiala, State Bank of Travancore, and State Bank of Mysore.