Picture Credit: PTI
Finance Minister Nirmala Sitharaman proposed the merging of 10 public sector banks into four big state-owned banks in 2019 as part of a huge consolidation strategy. While the merger took effect in April 2020, the IFSC and MICR codes will begin to change from July 1, 2021, with the start of the Financial Year 2022. In regards to that, Canara Bank (in amalgamation with Syndicate Bank) and Allahabad Bank (merging with Indian Bank) informed their customers that the IFSC codes of Syndicate Bank and Indian Bank will be disabled with effect from July 1, 2021. Canara Bank, on its official website, explained how the users can use the new IFSC code. Indian Bank also briefed about the new changes applied after the amalgamation of the two banks.
While issuing an official notice for its users, Allahabad Bank wrote, "On account of the amalgamation of Allahabad Bank into Indian Bank the databases of both the Banks are slated for the merger on 13th and 14th February 2021. Hence, the Branch Codes, MICR Codes and Indian Financial System Code (IFSC) of erstwhile Allahabad Bank branches would be undergoing a change. The new Branch code, MICR Codes and IFSC of erstwhile Allahabad Bank can be obtained by clicking on the links given below. The Branches are arranged alphabetically and also State-wise for the convenience of the customers."
The Allahabad bank also issued a list of new IFSC/MICR/Branch Codes in Alphabetical Order as well as statewise. It added, "You may also visit the branch and obtain the above-mentioned information." As per the previous announcement, the modified Branch Codes, MICR Codes and IFSC were scheduled to take place in February 2021.
On the other hand, Canara Bank issue a notice, "Dear Customer, This is to inform you 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. We request you to inform the remitters (senders) to use only your new IFSC code starting with "CNRB" while sending NEFT/RTGS/IMPS, from now itself."
The users can also visit the Canara Bank website to get the new IFSC code by entering the old IFSC in the given box. Then, click on "Get New" to get the updated code.
Picture Credit: PTI