Are you facing issues with net banking or online bank transfer? It is important to note that with the recent mergers between many public-sector banks, many bank account holders will be asked to delete their old IFSC codes (Indian Financial System Codes) and instead get a new one.
If you see that your bank belongs to those listed in the mergers, the old IFSC codes will remain invalid for online transactions through NEFT, RTGS or IMPS routes.
Syndicate Bank, Allahabad Bank, Dena Bank, United Bank of India, Vijaya Bank, the Oriental Bank of Commerce, Andhra Bank and Corporation Bank are those public sector banks whose mergers have already been announced. Due to this, the account holders in these banks will be asked to update their IFSC codes on the web portal to continue availing online banking facilities.
Here’s how to change the IFSC of your bank branch:
In order to change your IFSC code, you have to go to the official website of your bank and register for the new IFSC codes by filling in your details again. Customers can also call the toll free number of banks so that they have a clear understanding of the process.
If you are looking to make a bank transfer to account holders of one of these banks, you will have to delete the beneficiary details from the list of payees and add it again under the new conditions.
These rules apply also when it comes to mobile banking. Customers are advised to reach out to their respective banks for further details. Failure to make these changes would result in the non-conduction of any monetary transactions.
In August 2019, Finance Minister Nirmala Sitharaman had announced the merger of 10 public sector banks into four banks. As such, Syndicate Bank was merged with Canara Bank, Indian Bank with Allahabad Bank, Union Bank of India with Andhra Bank and Corporation Bank, and Vijaya Bank and Dena Bank were taken under the Bank of Baroda.