The current crisis in Ukraine and the expansion of Western sanctions lend possibility to BRICS mechanisms finally breaking the hegemony of financing structures created by the West.
The West’s announcement about cutting off Russian major banks from the SWIFT payment system is an opportunity for both India and China to deploy their indigenous systems they had prepared for such an eventuality.
UBI update on change in IFSC code for merged banks
March 06, 2021
Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile (e)-Andhra Bank and e-Corporation Bank branches will change with effect from April 1, 2021.
Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes, UBI said in a statement.
The Indian Financial System Code (IFSC) is used to identify a participating bank branch in the National Electronic Funds Transfer (NEFT) Structured Financial Messaging Solution (SFMS) message. Magnetic Ink Character Recognition (MICR) Code is used for cheque processing.
The old IFSC codes of branches of these erstwhile banks will not be valid from April 1, 2021. Andhra Bank and Corporation Bank were amalgamated with UBI with effect from April 1, 2020. The IT integration of both the banks has been completed without changing the Account number of customers.