Almost 1300 SBI IFSC codes are changed. It’s very important announcement by State Bank of India. IFSC is very important for electronic fund transfer in India. SBI is one of the biggest multinational public sector banks in India. SBI is a government-owned corporation.
SBI IFSC Codes list
This change in IFSC took place because SBI merged its five associative banks. These associative banks are:
- State Bank of Bikaner and Jaipur
- State Bank of Patiala
- State Bank of Travancore
- State Bank of Hyderabad
- State Bank of Mysore
Read More SBI YONO: India’s first Lifestyle & Banking app launched
The Bharatiya Mahila Bank is also merged on 1st of April, 2017 with associative banks into SBI. Praveen Gupta , the managing director (Retail & Digital Banking), said on this merger:
Some of our old associate branches are getting merged with SBI branches. When that merger happens, the IFSC codes get changed. customers have been informed about the change in IFSC codes, but internally also the bank has mapped them to the 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.
What is IFSC?
The Indian Financial System Code, known as IFSC or IFS Code. Although C in IFSC stands for Code, but people used to call it IFSC Code! It’s an alphanumeric code which is used for electronic fund transfer in India. This code uniquely identify each branch of various banks, which participate in the two main Payment and settlement systems in India. These systems are Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT).
IFS Code has 11 characters. First Four characters stand for Bank Code and Last Six characters for Branch Code. The Fifth character is 0, which works as separator.