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SBI changes names and IFSC codes of around 1,300 branches. Here's why

PTI
New Delhi, Delhi, IndiaUpdated: Dec 11, 2017, 08:03 AM IST
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The Managing Director of SBI claims to have an internal mapping system to map old codes to new codes in order to ease their customers into the transition. Photograph:(Others)

Earlier this year, State Bank of India (SBI) announced merger of its five associate banks, namely State Bank of Bikaner and Jaipur, State Bank of Patiala, State Bank of Travancore, State Bank of Hyderabad, State Bank of Mysore along with Bhartiya Mahila Bank. With this development, there have been some new changes in the system. 

Indian Financial System Code or IFSC and names of the branches have been changed in some of the major cities such as Mumbai, New Delhi, Bengaluru, Chennai, Kolkata, Hyderabad, and Lucknow. 

Commenting on the merger and after effects, Praveen Gupta, Managing Director (Retail and Digital Banking), SBI, said, "Some of our old associate branches are getting merged with SBI branches. When that merger happens, the IFSC codes get changed". He further added, "Even if some payment comes based on the old IFSC codes, it will get mapped to the new codes. It will not cause any problem to any customer", alluding to internal mapping system of old codes to new codes.  

Nearly 1,300 bank branches will be affected by the change. IFSC is significantly important in money transfer methods like RTGS, NEFT, and IMPS. An IFSC is basically a unique alpha-numeric code of 11-digit to identify all bank branches in any RBI regulated funds transfer system. To help their customers, SBI website published the list of all affected branches with their new codes.

Here is the list of new IFSC codes of SBI branches: