Ifsc Codes Of These Banks Changed For Transferring Money Know Details – Change IFSC Code Of These Banks, Know Complete Details Before Transferring Money Online
The old IFSC Code will no longer be valid for online banking use. You will need to change your old IFSC code as per bank rules.
New Delhi. The recent merger of banks into the public sector has forced many account holders to remove their old Indian Financial System Code (IFSC). According to a report, the old IFSC codes will no longer be valid for online banking use.
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Public sector banks involved in these mergers are Syndicate Bank, Allahabad Bank, Dena Bank, United Bank of India, Vijaya Bank, Oriental Bank of Commerce, Andhra Bank and Corporation Bank.
will be removed from the list of beneficiaries
Account holders in these banks will be required to change their old IFSC code as per the new post-merger bank rules to avail the facility of any online banking transaction. Account holders want to make online bank transfers from these banks. For this they have to be removed from the list of beneficiaries from the online banking web portal.
will need to register
Through the portal, the account holder will register for the new IFSC code. Details will have to be added again. The list of payees will need to be re-enlisted and registered under these new terms. Here their name, account number, contact details and bank details are added. It contains new IFSC codes. Account holders of newly merged banks will be able to transfer money online through net banking facilities only after registration is pending.
It is also worth noting that if any standing instructions or scheduled payments are present, they have to be removed first and then added again to get proper results.
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which banks merged
The mergers that are taking place are as follows- Syndicate Bank merged with Canara Bank, Allahabad Bank merged with Indian Bank, Vijaya Bank and Dena Bank both merged with Bank of Baroda. The merger between Syndicate Bank and Canara Bank has been done by the NDA government to introduce new banking reforms in 2019. In August 2019, Finance Minister Nirmala Sitharaman said that such banks were merged for cost reduction purposes. He had said that this would open new opportunities for income.
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