Starting next month, eight banks that have merged with other major lenders will change customer account numbers. These banks are Dena Bank, Vijaya Bank, Corporation Bank, Andhra Bank, Syndicate Bank, Oriental Bank of Commerce, United Bank of India and Allahabad Bank. Account holders at these banks will need to get a new check book and savings book as the old ones will expire on April 1, 2021.
The Punjab National Bank (PNB) had previously advised its customers that the existing Oriental Bank of Commerce (OBC) and United Bank of India checkbooks will be discontinued from April 1st as they only have until March 31st, 2021 are valid.
These account holders will also need to know the new IFSC and MICR code.
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What must the account holders of these banks do?
If you are a customer of one of these banks, you will need to update your details such as mobile number, address, name of the authorized representative, etc. You need to get a new checkbook and savings book from the bank where you merged your old bank.
After you get the new checkbook and passbook, you need to update your bank details that are stored in various financial instruments.
merger of banks
Dena Bank and Vijaya Bank were merged into Bank of Baroda on April 1, 2019, while the merger of Oriental Bank of Commerce (OBC) and United Bank of India into Punjab National Bank last year (April 1, 2020 ) came into effect. Also, Syndicate Bank was merged with Canara Bank, Andhra Bank and Corporation Bank was merged with Union Bank of India while Allahabad Bank was merged with Indian Bank.
The government announced the largest consolidation exercise in the banking sector in August 2019 Merger of 10 public sector lenderss into four larger and stronger banks. This brings the number of public banks in India down to 12 from 27 in 2017.