New Delhi: Banking customers are facing issues related to net banking and online money transfer because the IFSC (Indian Financial System Codes) of many banks have been changed due to the recent mergers of several state-owned lenders. Banks have been advising their customers to use the new IFSC codes that have replaced the older ones which are no longer valid for online transactions via NEFT, RTGS or IMPS.
State-owned banks which have recently merged include Syndicate Bank, Allahabad Bank, Dena Bank, United Bank of India, Vijaya Bank, the Oriental Bank of Commerce, Andhra Bank and Corporation Bank.
Bank customers with accounts in these banks need to use their updated IFSC codes for online transactions. You can easily get the IFSC codes from the merged bank’s website of customer support.
You can register for the new IFSC codes via the bank’s website. You will have to fill in the required details to get the new IFSC code. You can also reach out to the bank’s toll-free numbers to get the details. Moreover, customers can also visit their nearby bank branches to update their IFSC details.
Meanwhile, if you’re transferring money to a bank that has been merged then ensure that you’re using the updated IFSC codes. Using the old IFSC codes that are no longer valid will result in failed transactions. Also Read: Good news! Contractual employees of THIS state to get bumper bonus
The rule is applicable to mobile banking customers as well. Notably, finance Minister Nirmala Sitharaman had announced the merger of 10 state-owned lenders in August 2019 into four banks. Also Read: Twitter names Vinay Prakash as Resident Grievance Officer for India