In a major move which will impact lakhs of its customers, the State Bank of India (SBI), India’s largest bank, has changed the names, codes and IFSCs of more than 1200 branches, including the branches of banks which got merged with it some time back. The bank has also published on its website the full list of all those branches whose names and codes have been changed. These include the branches located in Mumbai, Delhi, Bangalore, Chandigarh, Ahmedabad, Jaipur, Kolkata, Chennai, Hyderabad, Patna and Bhopal, among others.
For example, the name of Ahmedabad-based Gopipura branch has now been changed to Surat Main (Chowk Bazar), while the branch code has been changed to 488 from the earlier 2649. Similarly, its IFSC code has been changed to SBIN00488 from the earlier IFSC code of SBIN02649. Likewise, the Delhi-based IFCI Tower branch name has been changed to Nehru Place branch, while its branch code has been changed to 04688 from the earlier code of 32602. Naturally the new IFSC code is now SBIN04688 as against the earlier SBIN32602. This means that you need to be careful and check the changed names and branch codes while doing any transaction with any of the 1295 branches whose names and codes have been changed.
It may be noted that IFSC stands for Indian Financial System Code. An IFSC code is an alphanumeric code specific to the branch of a bank. It is a unique identification number that is a pre-requisite in wire transfer. Each SBI branch has a different IFSC code. SBI IFSC codes are used in RTGS, NEFT and IMPS transfers, without which these transfers are impossible. The RBI provides these codes to the banks.