Online Transactions (Photo Credit: PTI)
Canara Bank / Syndicate Bank IFSC Code Changing: Canara Bank has informed its customers that by July 1, 2021, all IFSC codes of Syndicate Bank will be disabled. Syndicate Bank customers have been asked to update the IFSC code of their bank branch by June 30. The IFSC codes of these banks will be closed from March 2, online money transfer will be banned
Canara Bank said, “It is learned that after the merger of Syndicate Bank with Canara Bank, all e-Syndicate IFSC codes starting with SYNB (e-Syndicate IFSC Code) have been changed. All IFSC codes starting with SIYNB will be disabled from July. 2021. “
The bank posted a message on its website, “We urge you to start using the new IFSC code with” CNRB “to send your CNRT / RTGS / IMPS to your sender (remitter / sender) now.”
It is noteworthy that Union Finance Minister Nirmala Sitharaman announced the merger of Canara Bank and Syndicate Bank in August 2019. After which, the fourth largest state-owned bank in the country was formed by a combination of Canara Bank and Syndicate Bank. The total turnover from this addition was estimated by the government at Rs 15.20 lakh crore.
Syndicate Bank merged with Canara Bank on April 1, 2020. Following the merger, the bank had a net loss of Rs 6,567 crore on a single basis for the March 2020 quarter. However, Canara Bank on a single basis had Rs 1,010 crore free of cost for the quarter ended March 2021. The bank’s profit has improved as a result of increase in net interest income and reduction of provision for loss of loans. On the other hand, Canara Bank has also launched a separate special business unit for customers with a promise of gold.