The IFSC codes of Syndicate Bank will be unavailable from July 1, 2021, according to Canara Bank. Customers of Syndicate Bank have been given until June 30 to update their bank branch’s IFSC code.
On its official website, Canara Bank has stated that “Dear Customer, This is to inform that after merger of Syndicate Bank with Canara Bank, all eSyndicate IFSC codes or IFSC (The Indian Financial System Code) a unique 11-digit alphanumeric code starting with SYNB have been changed. All the IFSC starting with SYNB will be disabled W.E.F 01.07.2021.”
The bank has also further stated that “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. Please visit our Website : Click Here for Canara Bank Website! or contact any Canara Bank branch.”
Finance Minister Nirmala Sitharaman declared the merger of ten public sector banks into four state-owned banks in 2019 as part of a major merger project. While the merger took place in April 2020, the IFSC and MICR codes were changed from April 1, 2021, with the start of the Financial Year 2022. Syndicate Bank and Canara Bank merged in April of last year. With effect from April 1, 2019, Vijaya Bank and Dena Bank merged with Bank of Baroda.
These account holders’ IFSC and MICR codes will also update. Customers, on the other hand, are yet to be informed by the bank. As per BoB, you can continue to use the old IFSC and MICR codes until the bank informs you accordingly. Besides this, starting June 1, 2021, BoB will make ‘Positive pay confirmation’ compulsory for its customers in order to deter frauds across cheque payments. Customers will only need to verify their cheque details if the amount to be processed exceeds Rs 2 lakh, according to the bank.