Bank Alert: IFSC code of this bank will change from February 28, old cheques will not run, check bank details immediately

News

Bank customer alert: There is working news for DBS Bank India Limited (DBIL) and Lakshmi Vilas Bank (LVB) customers. The old IFSC codes will be changed from February 28, 2022.

Actually, DBS Bank India Limited (DBIL) has been merged with Lakshmi Vilas Bank (LVB) after which the IFSC and MICR codes of all its branches have changed. Although, the new codes are active from 25 October 2021, the old IFSC code will be changed from 28 February 2022.

According to the release issued by DBIL,

The customers will have to use the new DBS IFSC code for money transactions through NEFT/RTGS/IMPS from March 1, 2022. DBIL further stated that “customers were informed about changes in branches by sending physical letters, through emails and SMS. They were requested to update their records, recurring payments in time and get new IFSC codes.” Share this with business partners, associates and vendors. All existing checks have to be replaced with new checks before February 28, 2022. After this date, no checks with old MICR code will be accepted. New checks with effect from November 1, 2021 Books (with new MICR code) are available.

View Here New Codes

The complete list of new IFSC codes / MICR codes can be seen at https://www.lvbank.com/view-new-ifsc-details.aspx. The 94-year-old Lakshmi Vilas Bank was merged with the Indian branch of Singapore’s DBS Bank under the special power of the Government of India and the Reserve Bank of India under the Banking Regulation Act 45. This is effective from November 27, 2020.

DBS Bank India

Initiative have partnership. This partnership is expected to indirectly benefit 20,000 farmers at present and around 100,000 dairy farmers in the near future.

Source:-businessleague