DBS Bank India migrates to new IFSC and MICR codes of erstwhile Lakshmi Vilas Bank

Following the amalgamation with DBS Bank India Ltd (DBIL), the IFSC & MICR codes of all branches of erstwhile Lakshmi Vilas Bank (LVB) have now been changed. While the new codes have been active since October 25, 2021, the older IFSC codes will remain valid until February 28, 2022 to ensure customers’ convenience and ease of transition. Customers will be required to use the new DBS IFSC code from March 1, 2022 onwards to receive funds through NEFT/RTGS/IMPS, said a release by DBIL.

The change was communicated to customers through physical letters, emails, and SMS as well as at the branches. They were requested to share the new IFSC code with business partners, associates and vendors to update their records, recurring payments and receivables well in time. All existing cheques issued to the third party will have to be replaced with new cheques before February 28, 2022. Any cheque with old MICR codes presented after the aforementioned date will not be honoured, it further said.

New cheque books (with new MICR code) have been available since November 1, 2021. Customers can apply for a new cheque book by visiting their branch, calling customer care at 1860 267 4567 or through the internet/mobile banking channels.

A complete list of new IFSC codes / MICR codes can be viewed at
https://www.lvbank.com/view-new-ifsc-details.aspx

LVB was amalgamated with DBS Bank India Limited, the wholly-owned subsidiary of DBS Group Holdings Ltd, as part of a scheme of amalgamation under the special powers of the Government of India and Reserve Bank of India under Section 45 of the Banking Regulation Act, 1949, India.

from Banking & Finance – The Financial Express https://ift.tt/4i6o5xg