After merger of SBI subsidiaries into the main SBI bank from the start of the financial year 2017-18, the cheques of the merging banks that include 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 together with their IFSC will be rendered invalid with effect from September 30, 2017.
SBI has informed its customers about the notification and asked them to make a fresh application for the issuance of new cheque books.
The largest public-run lender also made news on accumulating heavily by way of non-maintenance charges. The consolidation in the banking sector has been initiated with the merger of SBI subsidiaries into it.
Know the consequences of this banking sector consolidation on you as a banking customer, here.
Lately the bank issued clarification that its charges with respect to non-maintenance of stipulated amount does not apply to PMJDY and basic savings and deposit accounts.