This bank s IFSC codes to be disabled from July 1
IFSC or Indian Financial System Code is an alpha-numeric code that uniquely identifies a bank-branch for online fund transfer through NEFT, RTGS and IMPS.
BusinessToday.In | May 24, 2021 | Updated 14:40 IST
After merger of Syndicate Bank with Canara Bank, all eSyndicate IFSC codes starting with SYNB have been changed, Canara Bank said.
All the IFSC codes of Syndicate Bank will be disabled from July 1 because of its merger with Canara Bank. Syndicate Bank s customers will now have to use the new IFSC codes for their bank branch. This is to inform that after 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 with effect from 01.07.2021, Canara Bank said on its website.
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Customers irked by service issues in merged public sector banks
April 02, 2021
Fear break in receipts, payments as they have not been able to update IFSC Codes or issue new MICR cheques
Customers of public sector banks that got merged with larger peers fear either missing out on dividend payments or facing cheque-bounce charges on post-dated instruments as they have not been able to intimate companies and lenders about the changed IFSC Code of their branches or issue new MICR cheques before the March 31, 2021 deadline.
They want this deadline extended as updating the new Indian Financial System Code in all the mandates given by them and notifying the remitters (of dividend on shares and interest on bonds) and replacing old post-dated MICR cheques given to lenders with new ones will take time.
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.