The idea behind the move is rationalisation following SBI's merger with six associate banks and the Bhartiya Mahila Bank (BMB) which came into effect from April 1, 2017.
The State Bank of India (SBI), one of the largest banks in the country with regards to deposits, advances, customer acquisition and banking outlets, has changed the names and IFSC codes of 1,300 of its branches.
The idea behind the move is rationalisation following SBI’s merger with six associate banks and the Bhartiya Mahila Bank (BMB) which came into effect from April 1, 2017. The merger resulted in an increase in the size and valuation of the bank—by the end of the first quarter of the current fiscal year, SBI had over 22,428 branches across the country.
The bank has released a list of the new branch names as well as corresponding IFSC codes on its website. According to this over 1,295 branch names and IFSC codes have been changed across India.
What is the IFSC code and why should you care?
The IFSC code which stands for Indian Financial System Code is an 11-digit alphanumeric code assigned by the Reserve Bank of India to facilitate electronic payment like RTGS, NEFT. This code is unique to every bank branch.
Want to check if your IFSC code has been changed, check the list here.
(Edited by Gayatri Mishra)