Business Today
Loading...

Cheques, passbook of 8 banks to become invalid from April 1; check out details

The account holders of these eight banks are also required to update their account details such as mobile number, address, name of the nominee, etc. The customer should get a new cheque book and passbook issued from the bank with which their former banks had merged

twitter-logoBusinessToday.In | March 15, 2021 | Updated 16:49 IST
Cheques, passbook of 8 banks to become invalid from April 1; check out details
The account holders of these banks should also find out the IFSC and MICR code

Customers of eight banks which had merged with other bigger lenders should note that from next month onwards their bank account numbers are expected to change. These eight banks are - Vijaya Bank, Corporation Bank, Andhra Bank, Syndicate Bank, Oriental Bank of Commerce, United Bank of India, Allahabad Bank and Dena Bank. The account holders of these eight banks should get a new cheque book and passbook issued as the ones they currently have will become invalid from April 1, 2021, onwards.

Punjab National National (PNB) has informed customers that the existing cheque books of  United Bank of India and Oriental Bank of Commerce (OBC) will become invalid on April 1, 2021, and that the account holders should get new ones issued. The account holders of these banks should also find out the IFSC and MICR code.

The account holders of these eight banks are also required to update their account details such as mobile number, address, name of the nominee, etc. The customer should get a new cheque book and passbook issued from the bank with which their former banks had merged. After getting the new cheque book and passbook, account holders should update their banking details on the various financial instruments.

Bank Mergers  

On April 1, 2019, Dena Bank and Vijaya Bank were merged with Bank of Baroda. The amalgamation of the Oriental Bank of Commerce (OBC) and United Bank of India with PNB was completed on April 1, 2020. Other banks that merged are  - Syndicate Bank merged with Canara Bank, Andhra Bank and Corporation Bank merged with Union Bank of India,  Allahabad Bank merged with Indian Bank.

The government had announced these mergers back in August 2019. Ten PSBs were to merge into four bigger banks. This was the biggest consolidation exercise in the history of the banking sector, after which the number of PSBs in India dropped from 27 in 2007 to 12 in 2021.

Also read: Bank stocks under stress; SBI, Indian Bank, Bank of India, PNB, J&K Bank fall up to 5%

Also read: Bank strike today: ATM services, cheque clearance, other services to be hit

  • Print
  • COMMENT
BT-Story-Page-B.gif
A    A   A
close