As per bankable reports and sources, State Bank of India (SBI) has changed the Account names and Indian Financial System Code (IFSC) codes for most of its branches across the nation. Mumbai, New Delhi, Bengaluru, Chennai, Hyderabad, Kolkata are already on the list and there have been chaos everywhere due to this sudden change of codes. Most of the transactions were held up.
SBI has more than 20000 branches across India and now as they changed, they have uploaded the new IFSC codes on its Official website. The reason behind this sudden change is unknown. But it is pretty sure that it is affecting the account holders a lot. Most of them suffer due to this.
IFSC code is quite essential to transfer the money from one account to another using RTGS, NEFT or IMPS. However, the officials said, even if the transactions are made with the Old codes, it would be mapped with new ones and there won’t be any hassles. But, they have asked to change at the earliest.