New Delhi: Those who have bank accounts with Syndicate Bank have been informed by Canara Bank that the IFSC codes will be disabled on 1 July 2021. The customers of Syndicate Bank have 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. Also Read: Govt Extends Deadline Of Mandatory Hallmarking Of Gold Jewellery Till June 15
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.
What is the reason behind change in IFSC codes?
Under the massive consolidation plan of banks, Finance Minister Nirmala Sitharaman had announced merging 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 going to be updated from the starting of Financial Year 2022, i.e. from April 1, 2021.
What is IFSC Code?
The Indian Financial System Code, IFSC, is a unique 11-digit alphanumeric code that is crucial and used for online fund transfer transactions conducted vua 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.