In August 2019, Nirmala Sitharaman merged 10 state-owned banks. Six banks were merged into four banks.
There has been a lot of boom in digital banking during the Corona era. The IFSC code is very important for digital banking. If you enter the wrong IFSC code then the transaction will not happen. The Modi government has merged several banks in the last few years. The IFSC codes of those banks that have been merged have now changed. In such a situation, it is important to know about the new code.
As we know, in August 2019, Nirmala Sitharaman had merged 10 government banks to four banks. The IFSC code had different deadlines for different banks. The IFSC code for Allahabad Bank customers has changed from May 1, while Syndicate Bank customers are still using the old code. However after 1 July this code will not work and they will need new code.
In 2019, Nirmala Sitharaman merged Oriental Bank of Commerce and United Bank of India with Punjab National Bank under the amalgamation process. Apart from this, Andhra Bank, Corporation Bank was merged with Union Bank of India. Allahabad Bank was merged with Indian Bank. Syndicate Bank was merged with Canara Bank while Vijaya and Dena Bank were merged with Bank of Baroda.
According to information released by banks, Allahabad Bank’s IFSC code has been discontinued on May 1. Syndicate Bank customers will continue to use the old IFSC code till June 30, but it will not work from July 1. In such a situation, if you also have an account with Syndicate Bank, update it by June 30, otherwise the transaction will not be possible.
According to the information available on the Canara Bank website, the IFSC code for Syndicate Bank customers will change from July 1. Currently, their IFSC code starts with SYNB, which has been advised to be updated by June 30. To know the new IFSC code first go to the official website of Canara Bank. Here you will get all the information.