Comments
Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile (e)-Andhra Bank and e-Corporation Bank branches will change with effect from April 1, 2021.
Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes, UBI said in a statement.
The Indian Financial System Code (IFSC) is used to identify a participating bank branch in the National Electronic Funds Transfer (NEFT) Structured Financial Messaging Solution (SFMS) message. Magnetic Ink Character Recognition (MICR) Code is used for cheque processing.
The old IFSC codes of branches of these erstwhile banks will not be valid from April 1, 2021. Andhra Bank and Corporation Bank were amalgamated with UBI with effect from April 1, 2020. The IT integration of both the banks has been completed without changing the Account number of customers.
UBI has asked customers to update new IFSC on mandates given by them and notify remitters about the same. Per the statement, the Bank has requested customers to obtain new cheque book from their branch or apply through mobile app, or Internet Banking or ATM.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.