All IFSC codes of this financial institution can be disabled. Details right here

Canara Bank knowledgeable its clients that the IFSC codes of Syndicate Bank can be disabled on 1 July 2021. The clients of Syndicate Bank have been informed to replace their Bank Branch’s IFSC code by 30 June.

“This is to inform that after the merger of Syndicate Bank with Canara Bank, all eSyndicate IFSC codes starting with SYNB have been changed. All the IFSC starting with SYNB will be disabled W.E.F 01.07.2021,” Canara Bank stated.

“We request you to inform the remitters (senders) to use only your new IFSC code starting with “CNRB” while sending NEFT/RTGS/IMPS, from now itself,” the lender talked about on its web site.

Why are IFSC codes altering?

As a part of a large amalgamation plan, Finance Minister Nirmala Sitharaman had introduced the merger of 10 public sector banks into 4 mega state-owned ones in 2019.

While the merger got here into impact in April 2020, the IFSC and MICR codes are updating from the beginning of Financial Year 2022, i.e. from April 1, 2021.

What is IFSC Code?

IFSC (The Indian Financial System Code) is a singular 11-digit alphanumeric code that’s used for on-line fund switch transactions achieved by way of NEFT, RTGS and IMPS.

In April final 12 months, Syndicate Bank was merged into Canara Bank.

Vijaya Bank and Dena Bank have been merged with Bank of Baroda with impact from 1 April 2019. The IFSC and MICR code of those account holders can even change. However, the financial institution has but not intimated its clients. “You may however use the old IFSC and MICR codes until intimated by the Bank,” BoB has stated in FAQs on its web site.

Meanwhile, BoB will make ‘Positive pay confirmation’ necessary for its clients to stop incidents of fraud throughout funds made via cheques from 1 June 2021. The financial institution added that the shoppers will solely should make the reconfirmation of cheque particulars when the quantity to be processed is greater than ₹2 Lakh.

“Customers are requested to supply us advance intimation of cheques issued to the beneficiaries in order that Bank on the time of presentment in CTS clearing can cross the High-Value cheques with out contacting to the shoppers,” mentions Bank of Baroda on its web site.

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