In the Corona era, more and more people are taking advantage of the facilities of digital banking. The Indian Financial Service Code (IFSC) is very important for this facility. But Canara Bank has informed the customers that the IFSC Code of Syndicate Bank will become invalid with effect from July 1, 2021. So if your account is also in Syndicate Bank, then this news is very important for you.
What should bank customers do?
Syndicate Bank has merged with Canara Bank, even after which customers are using old checkbooks only. But you can use it only till June 30 i.e. tomorrow. Canara Bank has said that all IFSC codes starting with SYNB will not work from July 1. The old checkbook of customers will work only till June 30. After that, the customer will not be able to use it. So bank customers should update it immediately. You can update it till tomorrow only.
Why is the code changing?
In 2019, Finance Minister Nirmala Sitharaman announced the merger of 10 public sector banks into four big banks. The merger came into effect in April 2020. After the merger, it will become invalid due to a change in the IFSC code of the account holders.
What is IFSC Code?
Indian Financial System Code (IFSC) is a unique 11-digit alphanumeric code used for digital transactions done through NEFT, RTGS, and IMPS.
These banks also merged
Apart from Canara Bank, customers of Bank of Baroda, Dena Bank, Vijaya Bank, Corporation Bank, Andhra Bank, Syndicate Bank, Oriental Bank of Commerce, United Bank of India, and Allahabad Bank are included. These banks were merged with other banks. The IFSC and MICR codes of banks have started updating from April 1, 2021. NPA is a big problem for banks. The merger of banks will solve the problem of NPAs.