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.