1. Cheque books, IFSC of 6 subsidiary banks of SBI to be invalid; what you should do now

Cheque books, IFSC of 6 subsidiary banks of SBI to be invalid; what you should do now

The country's largest lender in a tweet announced, "All the erstwhile associate banks of SBI and the Bharatiya Mahila Bank users need to upgrade their cheque books."

By: | Published: September 21, 2017 12:43 AM
The State Bank of India (SBI) on Wednesday has asked the customers of its subsidiary banks to apply for new SBI cheque books ‘as soon as possible’. (PTI)

The State Bank of India (SBI) on Wednesday has asked the customers of its subsidiary banks to apply for new SBI cheque books ‘as soon as possible’. Customers holding an account in the subsidiary banks of SBI will soon not only have to get a new cheque book, but also an Indian Financial System (IFS) code. The country’s largest lender in a tweet announced, “All the erstwhile associate banks of SBI and the Bharatiya Mahila Bank users need to upgrade their cheque books.” Apart from Bharatiya Mahila Bank, the accounts holders of State Bank of Patiala, State Bank of Raipur, State Bank of Travancore, State Bank of Bikaner and Jaipur, State Bank of Hyderabad will have upgrade their the new cheque books and IFS codes, reported NDTV.

The old cheque books and IFS codes of these six banks will not be valid after September 30, stated SBI. Users can avail the new cheque books via internet and mobile banking, ATM or by visiting the home branch, reported NDTV.

Rajnish Kumar, the bank’s managing director (national banking group) was quoted by PTI as saying, “We have received feedback from our customers on the issue and we are reviewing those,” he added, “The bank will take into account those and make an informed decision.” Kumar hinted there could be changes in the policy of minimum balance issue, especially for students and senior citizens with an account with the SBI. “We will internally debate whether any moderation for certain categories of customers like senior citizens and students needs to be done anywhere. The charges are never cast in iron,” he said.

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