DBS Bank India migrates to new IFSC and MICR codes of erstwhile Lakshmi Vilas Bank (LVB)
- New IFSC codes for all LVB branches activated since 25th October 2021; older IFSC codes will be valid until 28th February 2022
- New IFSC codes communicated to customers through letters/emails/SMS, LVB website and at branches
- New cheque books (with new MICR code) made available to customers
MUMBAI, India, Feb. 25, 2022 /PRNewswire/ — 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 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.
About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 13 consecutive years from 2009 to 2021. DBS was also ranked No. 1 on Forbes’ list of the World’s Best Banks in India for two consecutive years.
DBS Bank has been present in India for 27 years, opening its first office in Mumbai in 1994. DBS Bank India Limited is the first among the large foreign banks in India to start operating as a wholly-owned, locally incorporated subsidiary of a leading global bank. DBS provides an entire range of banking services for large, medium and small enterprises and individual consumers in India. In 2016, DBS launched India’s first mobile-only bank – digibank, which now has ~1 million savings accounts. In November 2020, Lakshmi Vilas Bank was amalgamated with DBS Bank India Limited. The bank now has a network of nearly 600 branches across 19 states in India.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established an SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia. In 2020, DBS introduced the “Towards Zero Food Waste” initiative as part of a global sustainability practice to encourage a shift in behaviours and mindsets to reduce food waste.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all our 30,000+ staff representing over 40 nationalities. For more information, please visit www.dbs.com.
