Syndicate bank merged with which bank ifsc code
Canara Bank's merger with Syndicate Bank marked a significant development in India's banking landscape. Established in 1925 in Udupi, Karnataka, Syndicate Bank had evolved into a major public sector bank, serving diverse customers across the country with a comprehensive range of financial products and services. Syndicate bank merged with which bank ifsc code - the answer is Canara Bank ifsc code.
In 2019, the Indian Government initiated a mega merger plan involving 10 public sector banks to consolidate them into four larger entities, aiming to fortify the banking sector and boost the economy. Syndicate Bank became part of this strategic move, merging with Canara Bank on April 1, 2020. This amalgamation resulted in the formation of the fourth-largest bank in India, boasting a combined business exceeding Rs. 15 lakh crore and an extensive network comprising over 10,000 branches.
You can find full IFSC codes HERE
The Indian Financial System Code (IFSC) is a crucial component in electronic fund transfer systems like NEFT, RTGS, and IMPS. Comprising 11 alphanumeric characters, the IFSC code uniquely identifies a bank branch, facilitating secure and accurate routing of funds between accounts. It also serves to verify the authenticity of transactions. The IFSC code is structured as follows:
The first four characters denote the bank code (e.g., CNRB for Canara Bank, SYNB for Syndicate Bank).
The fifth character is always zero, reserved for future use.
The last six characters represent the branch code (e.g., 000001 for a bank's main branch).
IFSC codes are printed on checkbooks and passbooks, available on the bank's website, the RBI's website, and are essential for online transactions, income tax filings, and various financial activities.
Following the RBI guidelines, the merger of Syndicate Bank and Canara Bank occurred on April 1, 2020. However, to ease the transition for consumers, Syndicate Bank retained its existing IFSC code for almost a year. This changed when the previous IFSC code, valid until June 30, 2021, was replaced by new codes starting July 1, 2021.
Customers of Syndicate Bank must update their IFSC codes for services like mobile wallets, UPI, mutual funds, insurance, etc., to ensure seamless online transactions. The new IFSC code is also imperative for income tax filings, refund claims, and other financial dealings.
The revised IFSC code for Syndicate Bank will commence with CNRB, reflecting Canara Bank's association. Branch codes may also witness changes; for instance, the main branch in Udupi, with the previous IFSC code SYNB0000100, transformed to CNRB0000100 post-merger.
Customers can find the updated IFSC code and MICR code on Canara Bank's official website, at their nearest branch, or by contacting Canara Bank's customer care. Additionally, online tools like IFSC Code Finder or Bank IFSC Code can be utilized for quick and efficient searches.
The merger of Syndicate Bank with Canara Bank marked a historic milestone in India's banking sector, creating a more robust and efficient institution capable of meeting diverse customer needs. Despite the positive transformation, customers must be aware of the IFSC code changes and promptly update their records. Adhering to the new IFSC code ensures secure and compliant online transactions, aligning with RBI regulations.So, to find the answer of, Syndicate bank merged with which bank ifsc code, answer we have found Cananra Bank's IFSC code. Accessing information from various sources empowers customers to seamlessly navigate the transition and enjoy the benefits of the merged bank.
You can find full IFSC codes HERE
In 2019, the Indian Government initiated a mega merger plan involving 10 public sector banks to consolidate them into four larger entities, aiming to fortify the banking sector and boost the economy. Syndicate Bank became part of this strategic move, merging with Canara Bank on April 1, 2020. This amalgamation resulted in the formation of the fourth-largest bank in India, boasting a combined business exceeding Rs. 15 lakh crore and an extensive network comprising over 10,000 branches.
You can find full IFSC codes HERE
Understanding the Significance of IFSC Code
The Indian Financial System Code (IFSC) is a crucial component in electronic fund transfer systems like NEFT, RTGS, and IMPS. Comprising 11 alphanumeric characters, the IFSC code uniquely identifies a bank branch, facilitating secure and accurate routing of funds between accounts. It also serves to verify the authenticity of transactions. The IFSC code is structured as follows:
Impact of the Merger on Syndicate Bank's IFSC Code
Following the RBI guidelines, the merger of Syndicate Bank and Canara Bank occurred on April 1, 2020. However, to ease the transition for consumers, Syndicate Bank retained its existing IFSC code for almost a year. This changed when the previous IFSC code, valid until June 30, 2021, was replaced by new codes starting July 1, 2021.
Customers of Syndicate Bank must update their IFSC codes for services like mobile wallets, UPI, mutual funds, insurance, etc., to ensure seamless online transactions. The new IFSC code is also imperative for income tax filings, refund claims, and other financial dealings.
Locating the New IFSC Code
The revised IFSC code for Syndicate Bank will commence with CNRB, reflecting Canara Bank's association. Branch codes may also witness changes; for instance, the main branch in Udupi, with the previous IFSC code SYNB0000100, transformed to CNRB0000100 post-merger.
Customers can find the updated IFSC code and MICR code on Canara Bank's official website, at their nearest branch, or by contacting Canara Bank's customer care. Additionally, online tools like IFSC Code Finder or Bank IFSC Code can be utilized for quick and efficient searches.
Conclusion
The merger of Syndicate Bank with Canara Bank marked a historic milestone in India's banking sector, creating a more robust and efficient institution capable of meeting diverse customer needs. Despite the positive transformation, customers must be aware of the IFSC code changes and promptly update their records. Adhering to the new IFSC code ensures secure and compliant online transactions, aligning with RBI regulations.So, to find the answer of, Syndicate bank merged with which bank ifsc code, answer we have found Cananra Bank's IFSC code. Accessing information from various sources empowers customers to seamlessly navigate the transition and enjoy the benefits of the merged bank.
You can find full IFSC codes HERE