NEW DELHI: Bank accounts of at least eight banks that have merged with bigger lenders will undergo changes starting April 1.
The present cheque book and passbook of eight banks — Corporation Bank, Vijaya Bank, Andhra Bank, Syndicate Bank, United Bank of India, Oriental Bank of Commerce, Allahabad Bank, and Dena Bank will become invalid on April 1.
The bank account numbers of these eight banks are expected to change beginning next month.
Since the present cheque book and passbook are given to account holders of these eight banks will become invalid on April 1, the customers should get a new cheque book and passbook issued.
Customers of Punjab National National (PNB) have been informed that their current United Bank of India and Oriental Bank of Commerce (OBC) cheque books will become invalid on April 1, 2021, and that they should get new ones issued. These banks’ account holders should also look up the IFSC and MICR codes.
These eight banks’ account holders must also update their account information, such as their phone number, address, nominee’s name, and so on.
Customers should receive a new chequebook and passbook from the bank that merged their previous banks. Account-holders can update their banking information on the different financial instruments after receiving the latest cheque book and passbook.
Mergers of Banks:
Dena Bank and Vijaya Bank merged with Bank of Baroda on April 1, 2019. On April 1, 2020, PNB completed the merger of the Oriental Bank of Commerce (OBC) and the United Bank of India.
Syndicate Bank merged with Canara Bank, Andhra Bank and Corporation Bank merged with Union Bank of India, and Allahabad Bank merged with Indian Bank, among others.
These mergers were announced by the government in August 2019. Ten PSBs were to merge into four larger banks. This was the largest banking sector consolidation exercise in history, with the number of PSBs in India dropping from 27 in 2007 to 12 in 2021.
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