SBI Changes IFSC Code For 1,300 Branches, Here’s How You Can Find Yours

The Logical Indian Crew

December 15th, 2017

Image Credit: Times of India, The Hindu Business Line

The State Bank of India on Saturday, December 9, changed the name and IFSC code for 1,300 of its branches across the country.

IFSC Code refers to Indian Financial System Code, an 11-character unique alphanumeric code assigned by the Reserve Bank of India (RBI) to identify every bank. The IFSC code is required to transfer money from one account to another using RTGS, NEFT or IMPS methods.

“Some of our old associate branches are getting merged with SBI branches. When that merger happens, the IFSC codes get changed,” the bank’s managing director (retail and digital banking), Praveen Gupta, said, as reported by The Hindu.

He added that customers have been informed about the changes but internally also the bank has mapped them to 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 said.

The largest lender in the country, SBI has close to 23,000 branches.

Customers can know their IFSC code through the bank’s branch locator.



 

Share your thoughts..

Art Has The Power To Transform Lives

Related Stories

Cheque Books Of Former Associate Banks Of SBI To Become Invalid From April 1st

PNB Scam

Know How The PNB Scam Was Pulled Off

Aadhaar-Linked Accounts Of 5 Customers Breached, Over Rs 5 Lakh Swindled Off: Arun Jaitley In Lok Sabha

SBI Changes IFSC Code For 1,300 Branches, Here’s How You Can Find Yours

You Can Open SBI Basic Savings Account To Avoid Penalty For Not Maintaining Minimum Balance

Free Transactions

HDFC, ICICI, Axis Banks Are Charging Rs 150 After 4 Free Transactions From This Month

Latest on The Logical Indian

News

BJP Youth Wing Leader Boasts About Setting Fire To Rohingya Camp In Delhi, Complaints Filed

Environment

Kerala: This Bank Goes Beyond Its Duties And Helps 800 Villagers Learn Organic Farming

Legal

Seven Opposition Parties Move Impeachment Motion Against CJI; Submit Petition To Vice President With 71 Signatures

News

Gujarat HC Acquits Maya Kodnani From Naroda Patiya Case, Worst Massacre Of 2002 Gujarat Riots

Get Inspired

Manipuri Man Missing For 40 Years Reunites With Family Thanks To YouTube

World Affairs

Pilot Safely Lands Plane After Mid-Air Engine Blast, Saves Lives Of 143 Passengers