Diabytes
IFSC codes News
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Users can transfer funds using just a mobile number and the recipient's bank account name.
The NPCI issued a circular on October 31, 2023.
It allows for 24x7 instant domestic funds transfer through various channels.
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The old IFSC codes will remain invalid for online transactions through NEFT, RTGS or IMPS routes.
Syndicate Bank, Allahabad Bank, Dena Bank, United Bank of India, Vijaya Bank, the Oriental Bank of Commerce, Andhra Bank and Corporation Bank are those public sector banks whose mergers have already been announced.
Due to this, the account holders in these banks will be asked to update their IFSC codes on the web portal to continue availing online banking facilities.
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All the old IFSC codes are discontinued and the new codes are being granted by the anchor banks.
Oriental Bank of Commerce, United Bank of India, Syndicate Bank, Andhra Bank, Corporation Bank and Allahabad Bank customers will face the issue.
Account-holders of all the above banks should start sharing the new IFSC codes.
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A total of 1,295 branches have been changed across the country as per the SBI list enlisting the old and new IFSC codes after rationalisation/merger with associate banks and BMB
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