courtesy- FinancialExpress
A meeting was held today in which Canara Bank said, that the IFSC codes of the erstwhile Syndicate bank branches will change with effect from July 1, 2021. In the statement it was mentioned that, customers have to use the new CANARA IFSC for receiving funds through NEFT/RTGS/IMPS.
As Canara Bank is the merger bank with erstwhile syndicate bank all eSyndicate IFSC codes starting with SYNB have been changed. All the IFSC starting with SYNB will be disabled from 01.07.2021.
Customers can get there new ISFC code from the website https://www.canarabank.com/ or by visiting its respective branches. The customers will have to get a new cheque book with changed ISFC and MICR codes.
This ISFC code is a unique eleven-character-alpha-numerical code and its mandatory for completion of any NEFT/RTGS or IMPS transactions. Each branch of bank has a unique and different code.
Swift code of erstwhile Syndicate Bank (SYNBINBBXXX) which is used for sending or receiving SWIFT messages for Foreign Exchange transactions shall be discontinued with effect from July 1, 2021. It was mentioned in the statement that, “All our customers are advised to use the swift code (CNRBINBBFD) for any of their Foreign Exchange needs.”
Canara Bank merged with Syndicate Bank in April 2020 to become India’s fourth largest public sector bank. Finance Minister Nirmala Sitharaman announced that its the centre’s plan to merge 10 public sector lenders into four mega banks to strengthen its market position.