Are you an account holder of SBI’s? So it is important for you to know that
six associate banks including Bharatiya Mahila Bank, your cheque books will become invalid from December 31.
As per the guideline of SBI 31ST December 2017 will be the last day for those cheque book, earlier it was September 30, but State Bank of India later extended to the end of this months. In the month of October, the state-run bank in a tweet said: The validity of cheques of former associate banks has been extended till 31st December, 2017 and also requested the customers to apply for a new SBI cheque book before the deadline to avoid any inconvenience.
The customers can also apply for the new cheque book by using internet banking, mobile banking or by visiting home branch.
SBI the largest bank in India issued a notification in September, asking the customers of SBI’s former associate banks to apply for new SBI Cheque books as soon as possible. The notification had come months after the government merged the SBI with its five associates and the Bharatiya Mahila Bank. The state-run SBI’s six subsidiary banks were Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Raipur, State Bank of Travancore, State Bank of Hyderabad and Bhartiya Mahila Bank.
The government had approved the merger of these five associate banks with SBI in February. Later in March, the Cabinet approved merger of BMB as well.
With this merger, the state-run bank joined the league of top 50 banks globally in terms of assets. The customers need to submit applications for new cheque books for replacement of the old cheque books.
The new cheque books will bear the new IFSC code. Recently, the SBI changed names and Indian Financial System Code (IFSC) Codes of nearly 1,300 of its 25,000 branches in the country’s major cities owing to its merger with five associate banks and a Bharatiya Mahila Bank.
The IFSC is an 11-digit alpha-numeric system that uniquely identifies all bank branches participating in the Reserve Bank of India’s fund transfer system.
