The erstwhile Syndicate Bank has been merged with Canara Bank. In such a situation, the consumers of this bank should update their passbook quickly. IFSC code older than 1 July will not work.
Merger of banks
Many banks are being merged as per the orders of the government. In such a situation, if you are a customer of the erstwhile Syndicate Bank, then immediately update your IFSC code. Because the old codes will become useless after 30th June. You will not be able to avail any transaction or other financial facility from it.
Syndicate Bank has been merged with Canara Bank. In such a situation, all the branches of Syndicate Bank are now working as branches of Canara Bank. Therefore, Syndicate Bank customers will need new IFSC code on passbook and checkbook to do any financial work, including cash transactions.
In this connection, Canara Bank has said in a statement that since the merger of Syndicate Bank with Canara Bank, all IFSC codes are being changed. All IFSCs starting from SYNB will be disabled from 1 July 2021. In such a situation, no work will be done from the old code from 30 June onwards. The bank has also said that customers should inform all moneylenders that now use the new IFSC starting from CNRB while using NEFT / RTGS / IMPS.
According to the statement issued by Canara Bank of the public sector, the new checkbook and the new IFSC or MICR code of the erstwhile Syndicate Bank branches can be obtained from the official website of the bank. Apart from this, customers can also get internet banking, caddy app..mobile banking and canara bank branches.
What happens ifsc code
IFSC means Indian Financial System Code. It is an 11 digit alphanumeric code, which is given on the bank’s checkbook and passbook. This bank is made for identifying branches. Through this, online money transfer facility like NEFT or RTGS can be availed.
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