Bank Alert: IFSC code of this bank will change from February 28, old checks will not run

Bank Alert: IFSC code of this bank will change from February 28, old checks will not run

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DBS Bank-LVB merger: There is working news for Lakshmi Vilas Bank (LVB) customers. The bank has merged with DBS Bank India Limited (DBIL). The IFSC Code of Lakshmi Vilas Bank will change from February 28. Therefore, the old check book of this bank will not run in March.

After the merger with DBS Bank India Limited (DBIL) the IFSC and MICR code of all the branches of the bank known as Lakshmi Vilas Bank (LVB) has changed. All the old IFSC codes will be changed from February 28, 2022. From March 1, customers will need a new DBS IFSC code for money transfer through NEFT/RTGS/IMPS.

Notification of DBS Bank
DBS Bank has issued a notification regarding this. The bank has said that customers have been informed about these changes through letters, SMS and e-mails. This information has also been issued at the branches of the bank.

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The bank has said that all existing checks issued to third parties should be replaced with fresh checks before February 28. Any check with old MICR code will not be accepted after February 28.

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

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The 94-year-old Lakshmi Vilas Bank has been merged with the Indian branch of Singapore’s DBS Bank. This merger is effective from November 27, 2020.

development of dairy sector
DBS Bank India had announced that it has entered into an agreement with leading dairytech startup Stellapps, under which digitization will be encouraged among small dairy companies across India. The bank says that more than 20,000 farmers will directly benefit from this partnership and about 1 lakh dairy farmers will be able to take advantage of this scheme.

Tags: bank, Bank news, RBI

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