Post-completion of mergers, public sector banks have been making announcements about the change in IFSC codes and other services. However, some customers are complaining about a lack of clear information.
Andhra Bank and Corporation Bank were merged with the Union Bank of India. Union Bank recently announced that the IT integration is complete without changing the account numbers, but IFSC codes have been changed. The old IFSC codes will not be valid from April 1, the bank said, and instructed customers to get new cheque books with updated IFSC and MICR codes.
The Oriental Bank of Commerce (OBC) and the United Bank of India were merged with the Punjab National Bank. The PNB said the existing cheque books of the merged banks would be discontinued from April 1 and asked customers to get a new cheque book with new IFSC code and MICR codes.
Dena Bank and Vijaya Bank were merged with the Bank of Baroda. On its website, the Bank of Baroda said rumours were being circulated on social media stating that cheques from the merged banks would not be accepted from April 1 and clarified that they would be valid and warned customers not to fall prey to such rumours. It also said customers could obtain new cheque books with updated codes online or via their base branch. The bank also said the debit card of the erstwhile banks could be used till expiry.
“I have an account with Dena Bank. We were told that our debit card will be valid till their expiry date even post-merger. But, while I tried making a payment it did not go through. When I called the bank, I was informed that I have to go there and get the card linked to my account, which was changed due to the merger,” Raji Muthukrishnan, an account holder, said. “The banks do not share such information like I have to link the debit card with my updated account number,” she added.
Likewise Syndicate Bank was merged with Canara Bank. Based on the information circulated that old cheque books of merged banks would become invalid from April 1, 76-year old K.T. Rajan went to his Syndicate Bank branch for a new cheque book. “I was told that the old cheque book would be valid till June 30. There is complete lack of information and clarity. My concern is that the old cheques should not bounce, which would be a major embarrassment,” he said.
The website of Canara Bank says the existing account will not change and already issued cheque books/unused cheque leaves can be continued till further communication. T. Sadagopan, a consumer activist said lack of proper information from banks regarding services and procedures was resulting in a lot of confusion, mainly among senior citizens.
