SBI changes IFSC of 56 branches in Kerala
Mumbai: State Bank of India has changed the IFSC of its 1300 branches across the country, including 56 branches in Kerala. IFSC (Indian Financial System Code) refers to the alphanumeric code assigned by RBI to every bank branch to facilitate electronic fund transfer. SBI sources said that the change of IFSC is the result of the merger of five associates of SBI including SBT.
Customers are informed of the change and so the money transfers will not be affected by this. As part of the amalgamation, SBI is also going to close down about 100 of its branches in Kerala. 44 branches have already been closed and more than 60 other branches will be shut soon. Earlier, it was decided to close down 197 branches in connection with the amalgamation.
Though merger of SBI and SBT was completed in April, the branches of both banks continue functioning in many places. The bank did not close them down fearing public rage. If two branches function at the same place, the smallest of them will be closed down as per the new move. The transactions of the customers of the closed branch will be transferred to the existing ones.
People’s representatives have been pressurizing the bank to sustain both the branches in small towns and rural areas. But according to the bank authorities, functioning of two branches in the same location may cause unjustifiable loss to the bank. Even if the branch is closed down, customers can continue transaction using the same chequebook and passbook in the new branch.