The State Bank of India had published a list of new SBI IFSC codes for nearly 1,300 branches throughout the country, after merging six of associate banks with itself. The merger came to effect from 1 April, 2017, which resulted into increasing the valuation and size of the bank. The changes mostly reflected in branches of Chennai, Kolkata, Mumbai, New Delhi, Lucknow, Bengaluru, and Hyderabad. The merger also caused an addition of 71,000 new employees to the existing workforce of 2 lakh.
The merger took place between State Bank of India and its following associate banks:
- State Bank of Mysore
- State Bank of Bikaner and Jaipur
- State Bank of Patiala
- Bhartiya Mahina Bank (BMB)
- State Bank of Travancore
- State Bank of Hyderabad
The merger of BMB and other associated has definitely helped SBI to reduce 1,805 branches. The merger enabled the bank to rationalize 244 administrative offices.
How to Find the New IFSC Codes for Merged Banks with SBI?
The Indian Financial System Code (IFSC) consists of 11-digit alphanumeric characters. It is unique to all bank branches, which participates in RBI’s fund transfer system. An IFS code is necessary to send and receive money on the internet from a bank account to another. After the merger, the new IFSC codes will not disrupt transactions between bank accounts, as per the authorities of the bank. Customers can use the same of IFS code, as the system will itself direct the same to the new code.
You can find a particular IFSC on the official website of the Reserve Bank of India or on the website of SBI bank, while initiating an online transaction. To send funds to a beneficiary, the same has to be added as one online from SBI’s profile section. It takes a maximum of 16 hours for the bank to add a beneficiary.
Importance of IFSC Codes
An IFSC code assures an error-free transaction on the internet. If a wrong code is entered, then the funds are reverted to the bank account from which the fund transfer was initiated. An IFS code is usually used to make RTGS, IMPS, and NEFT transactions. This code for a bank-branch can change as per regulations of RBI and other bank-effective norms, and thus, you must keep a track of such changes from time to time.
Additional Changes Done on SBI Online Bank Account Profile
SBI has also revamped its Internet Banking facility. Now the customers can access their accounts to make all transactions via IMPS, NEFT, and RTGS without any hassles. The bank’s official website offers two options, where customers can access personal and corporate banking categories, separately. People who wish to make one single transaction can opt for personal banking, and non-personal transactions can be competed after proceeding with the corporate banking option.
The State Bank of India is one of the largest banks in India when it comes to advances, deposits, banking outlets (22,428 branches and growing) in the country, customer acquisition etc. To keep a track of new IFS codes, keep a lookout at the Reserve Bank of India’s official website.