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Syndicate Bank's IFSC codes to be disabled from July 1 after Canara Bank merger
All the IFSC starting with SYNB will be disabled W.E.F 01.07.2021
The IFSC codes of Syndicate Bank will be unavailable from July 1, 2021, according to Canara Bank. Customers of Syndicate Bank have been given until June 30 to update their bank branch's IFSC code. On its official website, Canara Bank stated, "Dear Customer, This is to inform that after merger of Syndicate Bank with Canara Bank, all Syndicate IFSC codes or IFSC (The Indian Financial System Code) a unique 11-digit alphanumeric code starting with SYNB have been changed."
"All the IFSC starting with SYNB will be disabled W.E.F 01.07.2021." The bank has also further stated that "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," it further said.
What is IFSC Code?
IFSC (The Indian Financial System Code) is a unique 11-digit alphanumeric code that is used for online fund transfer transactions done via NEFT, RTGS and IMPS.
Why are IFSC codes changing?
As part of a massive amalgamation plan, Finance Minister Nirmala Sitharaman had announced the merger of 10 public sector banks into four mega state-owned ones in 2019. In April last year, Syndicate Bank was merged into Canara Bank. While the merger came into effect in April 2020, the IFSC and MICR codes are updating from the starting of Financial Year 2022, i.e. from April 1, 2021.
Earlier in February, Indian Bank had informed that branch codes and IFSC codes of erstwhile Allahabad Bank branches would change because of its merger with the former. The bank had said new IFSC codes would be effective from February 15, 2021.
Meanwhile, Vijaya Bank and Dena Bank merged with Bank of Baroda. These account holders' IFSC and MICR codes will also update. Customers are yet to be informed by the bank. As per BoB, customers can continue to use the old IFSC and MICR codes until the bank informs you accordingly.
Besides this, starting June 1, 2021, BoB will make 'Positive pay confirmation' compulsory for its customers in order to deter frauds across cheque payments. Customers will only need to verify their cheque details if the amount to be processed exceeds Rs 2 lakh, according to the bank.