If you're having difficulties with online transactions or net banking, this is the news for you. Following the merging of many public-sector banks, banks would be required to get new IFSC (Indian Financial System Codes) in line with post-merger rules. If your bank is one of those affected by the mergers, the previous IFSC numbers will no longer be acceptable for online transactions using NEFT, RTGS, or IMPS. The merger of Syndicate Bank, Allahabad Bank, Dena Bank, United Bank of India, Vijaya Bank, the Oriental Bank of Commerce, Andhra Bank, and Corporation Bank has been announced. Account-holders would need to get their IFSC codes changed by the bank or online website in order to continue with online transactions and net banking.
How to Change Your Bank Branch's IFSC
To change the IFSC code and obtain a new one, go to the bank's official website and register for the new IFSC code by entering your information such as name, bank account number, and so on. If you have any further questions, you can always phone the bank at their toll-free number. Phone banking follows the same set of regulations. Failure to make these modifications will result in the inability to perform monetary transactions. Finance Minister Nirmala Sitharaman announced the consolidation of 10 public-sector banks into four in August 2019.
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