Following the merger of its associate banks, State Bank of India (SBI) has shifted the IFSC subsidiary banks. IFSC is an 11-letter alphanumeric code that allows electronic fund transfers to a specialized branch using NEFT, RTGS, IMPS and UPI payment systems.
Read more about>> State Bank IFSC Code
State Bank of Bikaner, Jaipur, State Bank of Patiala, State Bank of Travancore, State Bank of Hyderabad, State Bank of Mysore and Bharti Bank. State Bank of Travancore (1220 branches), State Bank of Bikaner, Jaipur (1350 branches), State Bank of Patiala (1345 branches), State Bank of Mysore (1130 branches) There are no IFSC codes for Indian Women’s Bank.
The bank has announced changes in the website and SBI to their clients. Internally, the bank has started mapping new signs branches.
This will lead to new signals to ensure that payments are not affected if the old IFSC code receives a payment.
Note that SBI has more than 23,000 branches and comes with more banks, payments and small finance banks, it is important to make sure IFSC codes are right to start digital transactions.
In October, the SBI reduced its fees to IMPS transactions to further digital transactions. Earlier, SBI had paid Rs 5 lakh service tax for transactions under Rs 1 lakh. More than 1 lakh rupees have been shifted to Rs 2 lakh. Rs. Over Rs 2 lakh and Rs, 5 lakh transactions were made.