Their merger, including the privatization of state-run banks, continues. Due to this, the services of the old bank have changed, but even today there are many customers who have not changed the IFC code (IFSC code) of their old bank. If you are also one of these, then get it corrected immediately. Because the transaction can fail by using the old bank’s IFC code.
In this connection, Axis Bank issued a notice saying, “Axis Bank has disabled the IFSC of Oriental Bank of Commerce (ORBC) and United Bank of India (UTBI) as per RBI. Do not do any transaction with the old IFSC code of these banks. These will be rejected. Please convert IFSC or Day-Register beneficiaries into online channels. “
Be aware that some time ago many banks were merged. In these
Oriental Bank of Commerce, United Bank of India, Syndicate Bank, Andhra Bank, Corporation Bank and Allahabad Bank were included. If you have been a customer of these banks, then start using the new IFSC code, otherwise the transactions may fail.
Old codes discontinued from April 1
Explain that the merger process of banks came into force in April 2020. Under this, new IFSC and MICR codes have been issued. According to the RBI guidelines, all the old banks’ IFC codes have been discontinued with effect from April 1, 2021. Dealing with them is not possible.
10 banks were announced merger
The Government of India had formulated a plan for merger of public sector banks as part of a large-scale amalgamation scheme. In 2019, Finance Minister Nirmala Sitharaman announced the merger of 10 public sector banks into four mega state-owned banks.
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