Canara Bank has informed its customers that Syndicate Bank’s IFSC1 will be deactivated from July 1, 2021. Syndicate Bank asked customers if their branch IFSC would change after June 30. Explain that the syndicate bank merger took place at Canara Bank. Canara Bank said that all IFSC codes starting from SYNB will not work from July 1.
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The bank said on its website, “We request that the sender only use the new IFSC code starting with CNRB and send it to NEFT / RTGS / IMPS.” Explain that the IFSC codes of Oriental Bank of Commerce, United Bank of India, Syndicate Bank, Andhra Bank, Corporation Bank and Allahabad Bank have changed since April 1. The account holders of these banks are now using the new IFC code.
Why change IFSC codes?
Finance Minister Nirmala Sitharaman announced in 2019 that 10 public sector banks would be merged into four large banks as part of a merger. If the merger goes into effect in April 2020, the IFSC and MICR codes will be renewed from the beginning of the financial year 2022 to April 1, 2021.
What is the IFSC Code?
IFSC (The Indian Financial System Code) is an 11-digit alphanumeric code used for online fund transfer transactions carried out by NEFT, RTGS and IMPS.
