All the IFSC codes of Syndicate Bank will be disabled from July 1 because of its merger with Canara Bank. Syndicate Bank's customers will now have to use the new IFSC codes for their bank branch.
"This is to inform that after 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 with effect from 01.07.2021," Canara Bank said on its website.
"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 bank added.
IFSC or Indian Financial System Code is an alpha-numeric code that uniquely identifies a bank-branch for online fund transfer through NEFT, RTGS and IMPS. It's a 11-digit code with the first four alpha characters representing the bank, and the last six characters representing the branch. The fifth character is zero.
In 2019, Finance Minister Nirmala Sitharaman had announced merger of Syndicate Bank into Canara Bank as part of the Centre's plan to consolidate 10 state-owned banks to four mega banks to make them more competitive. The merger came into effect from April 1, 2020.
Earlier in February, Indian Bank had informed that branch codes and IFSC codes of erstwhile Allahabad Bank branches would change because of its merger with the former. The bank had said new IFSC codes would be effective from February 15, 2021.
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