NE BUSINESS BUREAU
CHENNAI, FEB 26
DBS Bank India Limited on Friday announced that following the amalgamation with DBIL, the IFSC & MICR codes of all branches of erstwhile LVB have changed. While the new codes have been active since 25th October 2021, the older IFSC codes will remain valid until 28th February 2022 to ensure customers’ convenience and ease of transition.
Customers will be required to use the new DBS IFSC code from 1st March 2022 onwards to receive funds through NEFT/RTGS/IMPS.
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 28th February 2022. Any cheque with old MICR codes presented after the aforementioned date will not be honoured.
- New IFSC codes for all LVB branches activated since 25th October 2021; older IFSC codes will be valid until 28th February 2022
- New cheque books (with new MICR code) made available to customers.
New cheque books (with new MICR code) have been available since 1st November 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. The amalgamation came into effect on 27th November 2020.
