The current IFSC codes of erstwhile Syndicate Bank branches would be disabled from July 1, said a statement issued by Canara Bank - the state-run lender which took over Syndicate's operations last year. The account holders would be required to obtain new IFSC codes, the bank said.
"The IFSC codes of the erstwhile Syndicate branches will change with effect from July 1, 2021. Customers have to use new CANARA IFSC for receiving funds through NEFT/RTGS/IMPS," Canara Bank said on June 11.
The new IFSC codes can be obtained by visiting the following link - canarabank.com/IFSC.html - or by visiting any Canara Bank branch.
"Customers of the erstwhile Syndicate Bank will have to get new cheque books with changed IFSC & MICR codes," the statement added.
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The IFSC or Indian Financial System Code is a unique, eleven-character alpha-numeric code mandatory for completing NEFT, RTGS or IMPS transactions. Each bank branch will have a unique code.
Canara Bank also announced the discontinuation of the current swift code being used by the erstwhile Syndicate Bank customers for foreign exchange transactions.
"Swift code of erstwhile Syndicate Bank (SYNBINBBXXX) which is used for sending or receiving SWIFT messages for foreign exchange transactions shall be discontinued with effect from July 1, 2021. All our customers are advised to use the swift code (CNRBINBBFD) for any of their Foreign Exchange needs," it said.
Notably, Syndicate Bank was merged into Canara Bank on April 2020. The merger came into effect almost a year after Finance Minister Nirmala Sitharaman announced the Centre's plan to amalgamate 10 public lenders into four mega banks to strengthen their market position.
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