Canara Bank Post Merger Changes Every Customer Should Know

28 May, 2021 15:24 IST|Sakshi Post

Customers of Canara Bank should take note of the following information.

If your account becomes a part of Canara Bank as a result of a bank merger, you must be aware of this.

Canara Bank: In truth, Syndicate Bank and Canara Bank just merged. Since then, a lot has changed. Canara Bank has taken over their accounts. The IFSC code was later changed as well. Each branch's code has been altered. People will be able to amend their account information as a result of knowing all this. Otherwise, a lot of money will be wasted.

Previously, when you gave your account information to get money from someone, it also included the IFSC code. This IFSC code has now been updated. As a result, each time you open a new account, you must provide a new IFSC code. Also, make sure your bank information is up to date.

In fact, a consumer used Twitter to make a complaint. Due to the changes in the IFSC code, he reported he had problems getting the money credited to his account. Canara Bank eventually responded via its official Twitter account, stating that it would take care of the situation. In a tweet, the bank stated that it did not advise senders to use the new IFSC code yet.

"When transmitting money using NEFT, RTGS, or IMPS, we require that you notify the sender to use just the new IFSC code with CNRB," the bank states. For additional information, go to the website.

Finance Minister Nirmala Sitharaman is said to have stated that ten state-owned banks will be combined into four huge public sector banks in 2019. In April 2020, the merger went into effect.

After that, on April 1, 2021, banks' IFSC and MICR codes began to be modified. In April of last year, Syndicate Bank and Canara Bank merged. Vijaya Bank and Dena Bank merged on April 1, 2019, to form Bank of Baroda. These clients' IFSC and MICR codes also changed. Customers, on the other hand, have yet to receive the information from the bank.

More News
Entertainment