PSU Bank merger: IFSC, MICR codes of THESE banks have changed; check details
New Delhi | Jagran Business Desk: If you don't know it yet, eight Public Sector Banks (PSB) have been merged with four mega state-owned ones by the Finance Minister Nirmala Seetharaman last year. The merged eight banks include Vijaya Bank, Corporation Bank, Andhra Bank, Syndicate Bank, Oriental Bank of Commerce, United Bank of India, Allahabad Bank, and Dena Bank.
As a result of the merger, IFSC codes and MICR codes of the amalgamating banks have been discontinued from 2021. In their place, the codes of the mega-bank have come into being. Therefore, customer having their accounts in the amalgamating banks need to make a note of the new codes. Here's all you need to know.
Banks that have merged
Oriental Bank of Commerce and United Bank of India were merged into Punjab National Bank; Allahabad Bank with Indian Bank; Syndicate Bank was merged with Canara Bank and Andhra Bank and Corporation Bank with Union Bank of India.
Till when the IFSC and MICR codes of merging banks are/were valid?
July 1- Syndicate Bank
As per the official website of Canara Bank, "This is to inform that after the merger of Syndicate Bank with Canara Bank, all eSyndicate IFSC codes starting with SYNB have been changed. All the IFSC starting with SYNB will be disabled W.E.F 01.07.2021."
May 1 - Allahabad Bank
The previous IFSC codes of Allahabad Bank, which was merged into Indian Bank, were discontinued from May 1, 2021.
April 1 - Andhra Bank, Corporation Bank, Oriental Bank of Commerce, and United Bank of India
The old IFSC codes of Andhra Bank and Corporation Bank were discontinued from April 1, 2021, Union Bank of India's website mentioned. In addition, customers of Oriental Bank of Commerce and United Bank of India had to use the new IFSC and MICR codes, as per the PNB website.
March 1 - Vijaya Bank and Dena Bank
As per the website of Bank of Baroda, the IFSC codes of Vijaya Bank and Dena Bank were discontinued on March 1, 2021.
The importance of these dates
The above-mentioned dates are important because the customers need to update the new IFSC and MICR codes with third parties where they had earlier given the details of their accounts in the amalgamating banks. Some of these third parties include insurance companies, income tax department, National Pension System, etc.
Posted By: Sugandha Jha