Following the completion of mergers, a few public sector banks will have new IFSC codes from April 1. IFSC codes of Oriental Bank of Commerce, United Bank of India, Syndicate Bank, Andhra Bank, Corporation Bank and Allahabad Bank will change from the new financial year.
Account holders in these banks should start using the new IFSC codes from the specified dates to ensure that their financial transactions don't fail/get stuck.
The new IFSC numbers will come into force following the consolidation of 10 public sector banks into four mega state-owned ones. Andhra Bank and Corporation Bank were merged with the Union Bank of India. The Oriental Bank of Commerce (OBC) and the United Bank of India were merged with the Punjab National Bank. Dena Bank and Vijaya Bank were merged with the Bank of Baroda. Likewise Syndicate Bank was merged with Canara Bank.
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As a result, the IFSC codes and MICR codes of the amalgamating banks will be discontinued and the codes used by the anchor bank will replace them. The banks have instructed customers to get new cheque books with updated IFSC and MICR codes.
The Indian Financial System Code (IFSC) is used to identify a participating bank branch in the National Electronic Funds Transfer (NEFT) Structured Financial Messaging Solution (SFMS) message. Magnetic Ink Character Recognition (MICR) Code is used for cheque processing.
