Canara Bank has informed its customers that the Syndicate Bank’s IFSC code will be changed from July 1, 2021. All customers of Syndicate Bank are requested to obtain information on the updated IFC Code from their branch. “Since the merger of Syndicate Bank, the IFC code of all branches has been changed,” said Canara Bank. The bank has asked customers to update the new IFC code, otherwise facilities like NETF / RTGS / IMPS will not be available from July 1.
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Why the IFC Code is changing
In August 2019, Finance Minister Nirmala Sitharaman decided to merge 10 public banks. Now the IFSC code and MICR code of these banks will be changed.
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When the bank changes the ifsc code
| Anchor Bank | The combined bank | Date |
| Punjab National Bank | Oriental Bank, United Bank of India | 1 April 2021 |
| Union Bank of India | Andhra Bank, Corporation Bank | 1 April 2021 |
| Indian Bank | Allahabad Bank | 1 May 2021 |
| Bank of Canara | Syndicate Bank | 1 July 2021 |
