SBI came up with a major reconstruction post the consolidation of its five associate banks by changing names and Indian Financial System Codes (IFSC) of nearly 1,300 of its branches.
These changes in IFSC codes of branches has been done in major cities such as Mumbai, New Delhi, Bangalore, Chennai, Hyderabad, Kolkata and Lucknow among others.
He also added that customers have been notified regarding the new modified IFSC codes of different branches. And internally also the bank has mapped them to the new code.
The bank has close to 23,000 branches. SBI has also showcased the list of branches with old and new names and IFSC codes on their website, keeping the convenience of its customers in mind.
List of Branches Rationalised
The IFS Codes are basically the 11 – digit alphanumeric key bit code. It consists of an 11 character code structure that is unique in its own way keeping in mind, that the banking institution and the branch where the beneficiary account are held. The first four characters of the IFSC code denotes the bank name and the last six characters represent the branch of the bank. The fifth character is usually a zero, which is conserved up for the future use. The code of every branch is cited on the cheques of the account holder.
In April,2017, SBI merged five of its associate banks such as State Bank of Patiala and Jaipur, State Bank of Raipur, State Bank of Travancore, State Bank of Hyderabad as well as with Bhartiya Mahila Bank (BMB).
And this merger was approved by the central government in February 2017 and Bhartiya Mahila Bank too approved to join the merger as well. And according to the experts, this merger will worth 29 Lakh Crores approximately.