As a feature of banking union reported in 2019, Oriental Bank of Commerce and United Bank of India were converted into Punjab National Bank; Allahabad Bank with Indian Bank; Syndicate Bank was converged with Canara Bank and Andhra Bank and Corporation Bank with Union Bank of India. These consolidations became effective in the current monetary year; however, banks are yet to finish the cycle of coordination. The consolidation will be viable from April 1, 2021, after that checkbooks and passbooks of the combined banks will get invalid.
Come April 1, the record quantities of clients of these banks, which were converged with other enormous moneylenders during the most recent two years, will change. Alongside the checkbooks, the IFSC and MICR code, other than branch address of such banks — whose consolidations with other huge loan specialists happened from April 1, 2019, and April 1, 2020 — will likewise change.
Cautioning their clients, PNB and Bank of Baroda expressed that the current checkbooks of OBC, United Bank of India, Vijaya Bank, and Dena Bank will get stopped from April 1, as they are substantial just till March 31, 2021. Essentially, the record holders of other consolidated banks can likewise not utilize their current checkbooks and passbook from April 1.
What are clients needed to do?
On the off chance that you are a client of any of the previously mentioned blended banks, at that point you are needed to refresh your subtleties like your portable number, address, name of chosen one, and so on You should get another checkbook and passbook of the save’s money with which your old bank has been combined. Keep your old passbook and checkbook convenient to get the new ones.
After getting the new checkbook, and passbook, you should refresh your financial subtleties recorded in different monetary instruments — shared assets, exchanging accounts, life coverage strategy, personal expense account, Fixed Deposit/Recurring Deposit, Provident Fund account — and other essential places too to refresh the ledger. In you have a record with Syndicate Bank, you can utilize your current checkbook till June 30.