New Delhi: Bank customers face issues related to online banking and online money transfer as the IFSCs (Indian Financial System Codes) of many banks have been changed due to recent mergers of several lenders public. Banks have advised their customers to use the new IFSC codes which replaced the old ones which are no longer valid for online transactions via NEFT, RTGS or IMPS.
State banks that recently merged include Syndicate Bank, Allahabad Bank, Dena Bank, United Bank of India, Vijaya Bank, Oriental Bank of Commerce, Andhra Bank, and Corporation Bank.
Bank customers with accounts at these banks should use their updated IFSC codes for online transactions. You can easily get the IFSC codes from the merged bank’s customer support website.
You can register for the new IFSC codes via the bank’s website. You will need to fill in the required information to get the new IFSC code. You can also contact the bank’s toll-free numbers for details. Additionally, customers can also visit their nearby bank branches to update their IFSC details.
During this time, if you are transferring money to a bank that has been merged, be sure to use the updated IFSC codes. Using old IFSC codes that are no longer valid will cause transactions to fail. To read also: Good news! Contract employees of THIS State will receive an exceptional bonus
The rule also applies to mobile banking customers. In particular, the Minister of Finance Nirmala Sitharaman announced the merger of 10 public lenders in August 2019 into four banks. Also Read: Twitter Appoints Vinay Prakash Resident Grievance Officer for India