The IFSC Codes of Banks of India will Soon be Changed
The IFSC codes of Oriental Bank of India, United Bank of India, Syndicate Bank, Andhra Bank, Corporation Bank and Allahabad Bank will soon be changed. The account holders of these banks should start using the new IFSC code by the due date. This is necessary for their financial transactions do not fail or get stuck.
In August 2019, Finance Minister Nirmala Sitharaman announced the merger of 10 government banks to form four mega banks. This merger of banks is effective from April 2020. This year i.e. IFSC code and MICR code of the merging bank from 2021 will not run further. The codes of Anchor Bank (the bank where the other bank is merging) will be replaced by them. Savings account holders of the merging bank will have to take care of the new IFSC and MICR codes.
Let us know about the dates when the new IFSC code and MICR code will become effective. Bank Mergers There are two types of banks in the merger of banks. One is Anchor Bank and the other is Amalgamating Bank. Amalgamating Bank merges with Anchor Bank. For example, Oriental Bank of Commerce and United Bank of India are merging with Punjab National Bank (PNB). PNB is the anchor bank here. Similarly, Syndicate Bank is being merged with Canara Bank. Andhra Bank and Corporation Bank are merging with Union Bank of India.
1 April 2021: According to the website of Union Bank of India, the existing IFSC codes of erstwhile Andhra Bank and Corporation Bank will be closed from 1 April 2021. The new IFSC codes will be valid from 1 April; The IFSC code for Andhra Bank customers will start with UBINOB. It will start with UBINO9 for Corporation Bank customers.
May 1, 2021: Canara Bank stated on its website, “It is informed that after the merger of Syndicate Bank with Canara Bank all the Syndicate IFSC codes starting from SYNB have been changed. All IFSC codes starting from SYNB will be disabled from 01.07.2021. ”
March 1, 2021: Bank of Baroda has told on its website that the former Vijaya Bank and Dena Bank’s IFSC will be closed from March 1, 2021. To make money, save and increase, visit our Facebook page to get information about investment opportunities. Click here to go to Facebook page
The IFSC Codes of Banks of India will Soon be Changed - /10