It’s a very important news for SBI account holders. Post the merger of its five associates, State Bank of India (SBI) has changed names and IFSC codes of nearly 1,300 branches. The country’s largest lender has changed the names and IFSC codes of branches located in major cities such as Mumbai, New Delhi, Bengaluru, Chennai, Hyderabad, Kolkata and Lucknow, among others. In April this year, SBI merged its five associate banks – State Bank of Bikaner and Jaipur, State Bank of Patiala, State Bank of Travancore, State Bank of Hyderabad, State Bank of Mysore – and also Bhartiya Mahila Bank into itself. The bank has nearly 23,000 branches.
How to check new IFSC codes?
Now, many SBI account holders are wondering how to check the new IFSC codes! For the convenience of its account holders, SBI has put up the list of branches with old and new names and IFSC codes on its website.
Here is how to access the full list:-
– LINK to see ‘List of Branches with OLD and NEW IFSC Codes’
– SBI account holders can search for their branch or city or district to check if ISFC codes have been changed or not. Users can do search by doing Ctrl + F
Why SBI changed IFSC codes?
According to the bank’s managing director (retail and digital banking), Praveen Gupta, “Some of our old associate branches are getting merged with SBI branches. When that merger happens, the IFSC codes get changed,” Gupta says, “Customers have been informed about the change in IFSC codes, but internally also the bank has mapped them to the new codes.”
“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,” he added.
Indian Financial System Code, or IFSC, is an 11-digit alpha-numeric code used to uniquely identify all bank branches participating in any RBI regulated funds transfer system.
The IFSC code is required to transfer money from one account to another using RTGS, NEFT or IMPS methods.