IFSC code is a unique 11-digit alphanumeric code that is used for online fund transfer transactions
Canara Bank informed its customers that the IFSC codes of Syndicate Bank will be disabled on 1 July 2021. The customers of Syndicate Bank have been told to update their Bank Branch’s IFSC code by 30 June.
“This is to inform that after the 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 W.E.F 01.07.2021,” Canara Bank said.”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,” the lender mentioned on its website.
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.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.
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.In April last year, Syndicate Bank was merged into Canara Bank.
Vijaya Bank and Dena Bank were merged with Bank of Baroda with effect from 1 April 2019. The IFSC and MICR code of these account holders will also change. However, the bank has yet not intimated its customers. “You may however use the old IFSC and MICR codes until intimated by the Bank,” BoB has said in FAQs on its website.Meanwhile, BoB will make ‘Positive pay confirmation’ mandatory for its customers to prevent incidents of fraud during payments made through cheques from 1 June 2021. The bank added that the customers will only have to make the reconfirmation of cheque details when the amount to be processed is more than ₹2 Lakh.
“Customers are requested to provide us advance intimation of cheques issued to the beneficiaries so that Bank at the time of presentment in CTS clearing can pass the High-Value cheques without contacting to the customers,” mentions Bank of Baroda on its website.
