Cheque Book, Passbook Of These Govt Banks Will Be Invalid From April (What Should You Do?)
Customers of eight major banks that have been merged with other lenders will now have to get new cheque books and passbooks as their account numbers will be changed. The old ones will be valid only till March 31st, 2021.
Read on to find out all about which banks are these and what you need to do if you are a customer!
Account Holders At Eight Merged Banks Will Need New Chequebooks And Passbooks
The account holders at eight banks will get new account numbers due to the merger with other big lenders. These banks include Dena Bank, Vijaya Bank, Corporation Bank, Andhra Bank, Syndicate Bank, Oriental Bank of Commerce, United Bank of India, and Allahabad Bank.
If you are an account holder at these banks, you will also need to get a new cheque book and passbook because their old ones will become invalid from 1 April 2021.
You will also be required to update your details, which include your mobile number, address, name of the nominee, etc. The new cheque book and passbook will then come from the banks with which your original bank has been merged.
Once you get the new cheque book and passbook, you will have to update your banking details that are recorded in various financial instruments. You will also be given a new IFSC and MICR Code.
Banks Merged In The Last Two Years
Dena Bank and Vijaya Bank were merged with Bank of Baroda on April 1, 2019. Dena Bank is the weakest link among the three banks, as it had a debt of Rs 16,640 crore against a total banking business of Rs 1.7 lakh crore. This is the highest among the three banks.
As per various analysts, in order to save Dena Bank, this merger has been made.
BoB is the strongest bank, with a turnover of more than Rs 10 lakh crore, while Vijaya Bank has a business of Rs 2.7 lakh crore.
In April 2020, the Oriental Bank of Commerce (OBC) and United Bank of India was merged with Punjab National Bank.
Additionally, Syndicate Bank has been merged with Canara Bank, Andhra Bank and Corporation Bank merged with Union Bank of India, while Allahabad Bank has been merged with Indian Bank.