This bank has changed its name: Will its cheque book, passbook, card and IFSC code still work?

Economic Times

22-05-2025

But what does this mean for customers?
What happens to your current cheque book, passbooks?
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What happens to the current IFS codes of the bank?
The Reserve Bank of India (RBI) issued a notification on May 21, 2025, announcing the change of the name for North East Small Finance Bank Limited to ' slice Small Finance Bank Limited ' in the Second Schedule of the Reserve Bank of India Act, 1934."We're on a journey to build India's most loved bank. Our mission is to value people's time and money in the products we build so more people can experience banking that truly works for them. he bank will continue to operate under the brand name of slice, and we are in the process of informing all stakeholders, especially customers, about this change to ensure a smooth and seamless transition. We're now expanding nationwide, while keeping our Northeast roots central to who we are," says a spokesperson from slice.The name change raises several questions in the minds of account holders-whether they need to get new passbooks or cheque books, whether their debit cards will still work, or if IFSC codes will change.According to RBI guidelines , in the event of a name change by a bank, customers can continue using their current banking instruments , such as passbooks, debit cards, and cheque books, without any interruption-unless explicitly directed otherwise by the bank. Similarly, IFSC codes typically remain unchanged unless separately notified. The transition is expected to be gradual and fully guided, ensuring zero disruption to customer services.Vishal Gehrana, Partner Designate at Karanjawala & Co. and Advocate-on-Record, Supreme Court of India, says, "A change in the name of a bank, such as from 'North East Small Finance Bank Limited' to 'Slice Small Finance Bank Limited', does not by itself require customers to immediately obtain new passbooks, cheque books, or debit cards. According to standard banking practice and RBI guidelines, all existing instruments that bear the old name remain valid and can be used as usual unless the bank specifically instructs customers otherwise."Kinjal Champaneria, Partner at Solomon & Co, says, "Consequent to the change in name of the bank, it is common for items, such as passbooks, cheque books, debit cards, and other banking materials, to be updated with the new name, logo, and branding. However, the bank will officially communicate to the customers regarding the issuance of new banking materials.Adhil Shetty, CEO of Bankbazaar.com, says, "Any time a bank is amalgamated into a new entity, the bank will reissue an updated passbook, cheque book, and, if needed, account numbers as well. This is a structured process that takes months, sometimes as much as a year.""Banks are required to inform their customers about the name change and any related procedural updates. If the bank decides to issue new materials with the updated name, it will typically do so over a transition period and provide clear instructions. Until then, customers can continue to use their current passbooks, cheque books, and debit cards without any legal or operational issues," says Gehrana."The customers will be updated regularly and will be informed about the update. The bank will also provide customers with a certain period, usually six months, where they can continue to use their older passbook and cheque book even after the transition process is completed. So, customers have enough time to get used to the change and get new passbooks and other details," says Shetty.This transition may take some time, as the bank will need to manage the replacement process and logistics. Customers will be notified by the bank regarding when they can expect to receive their new passbook, cheque book, debit card, etc. For any clarification or assistance, it is advisable that customers reach out to their local branch or the bank's customer support.Unless otherwise notified by the bank, the existing passbooks, cheque books, and debit cards are likely to remain valid and fully functional for all banking transactions.In short, unless you receive direct communication from the bank asking you to replace your banking instruments, you do not need to take any action. The change in the name of the bank does not affect the validity of your existing documents.Gehrana says, "The IFSC (Indian Financial System Code) is a unique identifier for bank branches used in electronic payment systems like NEFT, RTGS, and IMPS. While the code often includes an abbreviation of the bank's name, a change in the bank's name does not automatically result in a change to the IFSC code. If the bank or RBI decides to update the IFSC codes to reflect the new name, this will be done in a phased and well-communicated manner. Customers will be notified in advance, and the transition will be managed to ensure that there is no disruption to banking services. During any such transition, payments made using the old IFSC code are typically redirected to the correct branch, and online banking systems are updated automatically. Therefore, customers do not need to worry about failed transactions or immediate changes to their banking details. Any change to the IFSC code will be clearly communicated, and sufficient time will be given to adapt."Kinjal Champaneria, Partner at Solomon & Co, says, "Regarding the IFSC code, it will change eventually. However, customers will be informed officially by the bank before any changes take effect. Until then, existing IFSC codes are likely to remain valid for all transactions."