How the PSU bank merger that comes into force on April 1 will impact you

PSU Bank merger: You'll have to take stock of your cheque books, passbooks, IFCS, ECS mandates and other things once you start dealing with the new entity

bank, loans, deposits, bankers, accounts, savings
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Bindisha Sarang Mumbai
Change is inevitable. And this seems to be true for customers of eight banks--Vijaya Bank, Corporation Bank, Andhra Bank, Syndicate Bank, Oriental Bank of Commerce, United Bank of India, Allahabad Bank and Dena Bank--whose merger comes into force on April 1. If you are a customer of any of these banks, there are a few things you should know, and some action you should take, as cheque books, cards, Indian Financial System Code (IFSC) and Magnetic Ink Character Recognition Code (MICR) change.  

Chequebooks: Your first step will be to gather your old cheque books and passbooks of the merging bank

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First Published: Mar 26 2021 | 4:30 PM IST

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