In the wake of the recent merger of banks in the public sectors, many account holders will have to remove their old Indian Financial System Code (IFSC). According to a report by Gadgets Now, the old IFSC code will not be valid for online banking. These mergers in the public sector include Syndicate Bank, Allahabad Bank, Dena Bank, United Bank of India, Vijaya Bank, Oriental Bank of Commerce, Andhra Bank and Corporation Bank.
Account holders in these banks will need to change their old IFSC code as per the new post-merger bank rules to use the facility of any online banking transaction. Therefore, the account holders wish to make online bank transfers to or from the specified banks, they must remove the beneficiary from the payee list from the respective online banking web portal.
Through the portal, account holders can register for a new IFSC code, in which all the details have to be re-added. The payee list needs to be re-listed and registered under these new conditions.
This is done by adding their names, account numbers, contact details and bank details, which include the new IFSC codes. Account holders of newly merged banks will be able to transfer money online through net banking facilities only after the registration is pending.
It also needs to be noted that if any standing instructions or schedule payments are present, they have to be removed first and then added again to get proper results.
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 under Bank of Baroda.
The merger between Syndicate Bank and Canara Bank came in the light of the National Democratic Alliance (NDA) government’s plan to introduce new banking reforms in 2019.
Facebook us for social media updates (https://www.facebook.com/moneycontrolhindi/) and Twitter (.) to follow.