SBI changes names, IFSC codes of 1,300 branches: How will it affect you and other things to know

SBI changes names, IFSC codes of 1,300 branches: How will it affect you and other things to know

State bank of India has changed names and Indian Financial System Code (IFSC) codes of nearly its 1,300 branches. The move came after the country's biggest lender has merged five of its branches into itself.

The branches whose names have been changed are located in major cities such as Mumbai, New Delhi, Bengaluru, Chennai, Hyderabad, Kolkata and Lucknow, among others. SBI that has close to 23,000 branches has put up the list of branches with old and new names and IFSC codes on its website.

SBI’s managing director (retail and digital banking), Praveen Gupta said, "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.

But what exactly has happened, will it has an impact on your payment services via cheque?