Bank Transaction Alert! You wont be able to do wire transfer of This PSU Bank from July 1

Canara Bank has alerted the customers of Syndicate Bank that the IFSC (Indian Financial System Code) codes will be unavailable from July 1, 2021. Earlier in 2019, Finance Minister Nirmala Sitharaman had declared merging of Syndicate Bank with Canara Bank. 

Canara Bank has given to customers of Syndicate Bank time until June 30 to update their bank branch's IFSC code.   

Canara Bank, on its official website, stated, "Dear Customer, This is to inform you that after the merger of Syndicate Bank with Canara Bank, all Syndicate IFSC codes or IFSC (The Indian Financial System Code) a unique 11-digit alphanumeric code starting with SYNB have been changed." 

"All the IFSC starting with SYNB will be disabled W.E.F 01.07.2021." The bank has also further stated that "We request you to inform the remitters (senders) to use only your new IFSC code starting with "CNRB" while sending NEFT/RTGS/IMPS, from now itself," it added. 

What is IFSC Code? 

IFSC (The Indian Financial System Code) is a unique 11-digit alphanumeric code that is used for online fund transfer transactions done via NEFT (National Electronic Funds Transfer), RTGS (real-time gross settlement), and IMPS (Immediate payment service). 

Why are IFSC codes changing? 

Finance Minister Nirmala Sitharaman, as part of a massive amalgamation plan, had announced the merger of 10 public sector banks into four mega state-owned ones in 2019. Syndicate Bank was merged into Canara Bank. While the merger came into effect in April 2020, the IFSC and MICR codes are updating from the starting of Financial Year 2022, which is from April 1, 2021. 

Indian Bank, earlier in February, had informed that branch codes and IFSC codes of erstwhile Allahabad Bank branches and customers that it would change because of its merger with the former. The bank had said new IFSC codes would be effective from February 15, 2021.