All Existing IFSC Codes Will Be Cancelled For This Govt Bank: Full Details
All the customers of Canara Bank have been informed that from 1 July 2021, IFSC codes of Syndicate Bank shall be disabled. All the customers of the Syndicate Bank have been told to update their Bank Branch’s IFSC code by 30 June.
Changed IFSC For SYNB
Canara Bank said in the statement that with effect from 01.07.2021 all the IFSC starting with SYNB shall be disabled as all eSyndicate IFSC codes starting with SYNB have been changed post the merger of the two.
The Bank said on its website informed the remitters (senders) that from now onwards only the new IFSC code starting with “CNRB” shall be used while sending NEFT/RTGS/IMPS.
What is IFSC Code & Why It Is Changed?
The merger of 10 public sector banks into four mega state-owned ones, as a part of a massive amalgamation plan was announced by Finance Minister Nirmala Sitharaman and hence post the merger, the IFSC and MICR codes have been updated from the starting of Financial Year 2022, i.e. from April 1, 2021.
IFSC (Indian Financial System Code) is a unique 11-digit code used for online wallet transactions made through NEFT, RTGS and IMPS.
In April last year, Syndicate Bank merged to Canara Bank.
Vijaya Bank and Dina Bank have been merged with the Bank of Baroda from 1 April 2019. The IFSC and MICR code of account holders will also change. However, the bank has never interviewed its customers. “However you can use the old IFSC and MICR codes until you are satisfied with the Bank,” the BoB told FAQs on its website.
In the meantime, the BoB will force ‘paid payment verification’ to compel its customers to prevent fraudulent payments during check-ups from 1 June 2021.
Bank of Baroda said on its website that “Customers are kindly requested to provide us with checks issued to the beneficiaries so that the Bank at the time of delivery of CTS can transfer the top checks without contacting customers”.