Do you have a bank account in any SBI branch? If yes, then this news can be important for you. India’s largest public sector bank State Bank of India has recently changed names and IFSC codes for about 1300 of its branches. IFSC (Indian Financial System Code) is an alpha-numeric code which provides unique identification for each of the bank branch involved in fund transfer system regulated by the central bank RBI (Reserve Bank of India).
IFSC is required for electronic fund transfer using via RTGS, NEFT or IMPS methods. Those customers who use these online payment and settlement systems need to mention this code in details. However, all the customers have been sent notification regarding this update according to a statement by Mr. Praveen Gupta, MD of the bank. Also, the bank has mapped the new codes internally with the old codes in its system so that customer won’t face any issue even if a payment comes from an old code.
This change in the names and IFSC codes of branches is an outcome of major merger drive of SBI with its associate bank’s taken place in April 2017. This merger had put SBI on the list of top 50 global banks of the world. State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Travancore, State Bank of Patiala along with Bhartiya Mahila Bank were the part of this grand merger with SBI.
If you are also making an online transaction from your SBI account and want to know the new name and IFSC code for your branch, then you can visit bank’s official website. Apart from that, you can know the IFSC codes for all participating bank branches on the website of RBI.