fbpx

SBI Changes IFSC Code of 1300 branches

Must Read

Telghani Board will be formed in Chhattisgarh

Raipur: Chhattisgarh Chief Minister Bhupesh Baghel has announced that the Telghani Board will be formed in the state to...

Wet lands to be recognised and developed in chhattisgarh

Raipur: Forest and Environment Minister Mohammad Akabar has instructed to identify wet lands in state. He said to prepare...

Separate budget for children in Chhattisgarh

Raipur: The state government has planned to brought child budget for the first time. The chief minister Bhupesh Baghel...

Chhattisgarh again wins number one position in power generation for the sixth time

The Chhattisgarh Power Generation Company has once again topped by beating the power plants across the country. The company's...

जाने उस शख्स के बारे में जिसने मुकेश अंबानी को लगा दिया चूना

मुकेश अम्बानी देश के सबसे प्रभावशाली उद्योगपति हैं लेकिन सोचिए उन्हें ही कोई साधारण व्यक्ति चूना लगा दे तो..?एक...

Corona Update

India
10,626,200
Total confirmed cases
Updated on January 22, 2021 5:58 pm

The country’s largest bank, State Bank of India (SBI) on Saturday changed the name and IFS code for 1,300 of its branches. The move is a result of the merger of five of its associates.

SBI’s managing director (retail and digital banking), Praveen Gupta said customers have been informed about the change in IFSC codes, but internally. The bank has charted 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,” he said. The bank has put up the list of branches with old and new names and IFSC codes on its website.

IFS Code is an eleven-character alpha-numeric code assigned by Reserve Bank of India to identify every bank branch uniquely. The IFSC code is essential in online money transfer systems like NEFT and RTGS as it tracks the exact branch without any discrepancy. Customers can find the IFS code of respective branches on cheque leaves, pass books or other bank sponsored materials.

In April this year, SBI merged its five associate banks – State Bank of Bikaner and Jaipur, State Bank of Patiala, State Bank of Travancore, State Bank of Hyderabad, State Bank of Mysore – and also Bhartiya Mahila Bank into itself. So, the move was expected as it would reduce the redundancy in the data and would reduce the friction in transactions.

It is a smart move by the bank. The biggest problem which the bank could face be its implementation in Rural India. Implementation and spreading of information to them about the changes is challenging. Let’s see how the bank cope up with this challenge.

To get more such updates delivered first to you, like our Facebook Page. Also dont forget to follow us onTwitter, Instagram and Google News. To send guest post or press release, mail us at editor.newbuzzindia@gmail.com

Connect on Social Media

37,286फैंसलाइक करें
1,100फॉलोवरफॉलो करें
11,454फॉलोवरफॉलो करें
760फॉलोवरफॉलो करें
15सब्सक्राइबर्ससब्सक्राइब करें

Editor's Pick

राजधानी भोपाल में हाथरस की घटना को दोहराया गया, कमलनाथ ने शिवराज पर निशाना साधते हुए कहा कि मामा कौनसी भांजी आपकी अब शुरक्षित...

भोपाल का प्यारे मिया यौन शोषण केस ने पिछले साल उत्तर प्रदेश में हुए हाथरस दुष्कर्म की तरह मोड़...

Trending News