Following the amalgamation with DBS Bank India Ltd (DBIL), the IFSC and MICR codes of all branches of former Lakshmi Vilas Bank (LVB) have changed. While the new codes have been active since October 25, 2021, the older IFSC codes will change starting from February 28, 2022 to ensure customers’ convenience and ease of transition. The customers will be required to use the new DBS IFSC code from March 1, 2022 to receive funds through NEFT/RTGS/IMPS, as per the release by DBIL.
The DBIL release further informed that “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. New cheque books (with new MICR code) have been available since 1st November 2021.”
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 November 27, 2020.
Meanwhile, earlier this month, DBS Bank India announced that it has partnered with Stellapps, a leading dairy-tech startup, as its banking partner to promote digitisation amongst small dairies across India. This initiative aligns with DBS’ commitment to supporting lives and livelihoods through better business and responsible financing. The partnership is expected to indirectly benefit 20,000 farmers at present and around 100,000 dairy farmers in the near future.
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