New Delhi: Banking clients are facing troubles related to net banking and online money transfer because the IFSC (Indian Financial System Codes) of several banks have been amended due to the recent mergers of several state-owned lenders. Banks have been suggesting their clients to use the new IFSC codes that have changed the older ones which are obsolete for online transactions via NEFT, RTGS or IMPS.
State-owned banks which have recently amulgated include Syndicate Bank, Allahabad Bank, Dena Bank, United Bank of India, Vijaya Bank, the Oriental Bank of Commerce, Andhra Bank and Corporation Bank.
Bank clients with accounts in these banks require to use their updated IFSC codes for online transactions. You can easily access the IFSC codes from the merged bank’s website of customer support.
You can enlist for the new IFSC codes via the bank’s website. You will have to fill in the needed details to access the new IFSC code. You can also contact the bank’s toll-free numbers to get the particulars. Moreover, customers can also visit their nearby bank branches to restore their IFSC particulars.
Meanwhile, if you’re remitting money to a bank that has been united then ensure that you’re using the modernized IFSC codes. Using the old IFSC codes that are obsolete will result in declined transactions.
The rule is pertinent to mobile banking users as well. Notably, finance Minister Nirmala Sitharaman had declared the merger of 10 state-owned lenders in August 2019 into four banks.