SBI New IFSC Codes - SBI Changes Branch Names and IFSC Codes of its 1300 Branches

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State Bank of India (SBI), the largest bank in India, recently came up with a new announcement that out of its 25,000 branches, it has changed the names and IFSC codes of almost 1,300 branches. Already, on 1st April 2017, State Bank of India has merged with six of its associate banks- State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Hyderabad, State Bank of Travancore, State bank of Patiala and Bharatiya Mahila Bank with itself. And now with the latest update of SBI, regarding the change of branch name and IFSC codes, main cities like New Delhi, Mumbai, Bengaluru, Kolkata, Chennai, Hyderabad, Lucknow have mostly undergone changes in branch name and IFSC code. The names and IFSC codes of the branches can be found in the SBI IFSC code page.

About this issue, Mr. Praveen Gupta, the Managing Director of Retail and Digital Banking of State Bank of India told that some of the SBI’s old associate branches are merged with SBI which results in the change of IFSC codes. Also, he added that SBI customers are informed about the change in IFSC codes and though payments are made in old IFSC code, it will automatically change into the new IFSC code which will not create any problems in transactions. SBI has nearly 23,000 branches. 

Associate Banks merged with SBI

From April 2017 onwards, State Bank of Bikaner and Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Hyderabad (SBH), State Bank of Patiala (SBP) and also Bharatiya Mahila Bank (BMH) merged with SBI and all came under one roof with the approval of the government. Already, SBI has merged with the State Bank of Saurashtra and the State Bank of Indore in 2008 and 2010 respectively.

Benefits of SBI Merger

By merging with its associate banks, SBI will be among the group of top 50 banks internationally, with an asset base of Rs.37 trillion, branches of over 24,000 and ATMs of over 59,000. Also, the bank’s total customer base will attain 37 crores. The deposit base will be above 26 lakh crores and progresses to the level of Rs.18.50 lakh crores under this merged system. Besides, the merger implies that all SBI associated bank customers will become SBI customers and all SBI associated bank employees will become employees of SBI bank.

Cheque books to be invalid in six banks

As State Bank of India has merged with its six associate banks, the cheque books of these six banks will turn invalid after 31st December 2017. After SBI has merged with its associate banks on April, the cheque books of these six banks were believed to be invalid after 30th September 2017. But SBI has prolonged the deadline for getting the new cheque books of the previous associate banks of SBI until 31st December 2017.

Updated version of SBI Internet Banking

The SBI also updated the Internet Banking service for the users to gain access into their accounts and to make easy transactions via NEFT, RTGS or IMPS. In the onlineSBI website, the bank offers two options for the users- personal banking and corporate banking. Personal banking is used to make singular transaction and corporate banking for non-personal transactions. By using corporate internet banking, trusts, companies, proprietorship, partnerships can manage non-personal accounts and can make online transactions easily. In corporate internet banking, the corporate permits the internal users for open access to banking accounts and can manage giving consent for transactions and supervise them. For users who are new to online banking, here are the following steps,

• Enrol with your SBI branch for internet banking and get the Pre-Printed Kit which consists of username and password to login for first time.
• Call your bank and it will provide your username and password through message or mail.
• Access to onlineSBI site. For personal banking, choose any one of the three choices according to your net velocity- login new version, login, login lite.
• By providing your username and password, login to the site.
• This will take you to the page where you can handle your accounts and can easily make transactions online.