Your account number will change from April 1. Bank news | ZNDM NEWS |

If your account is in the bank then this news is for you. The merger of ten banks is proposed to take effect on April 1. The Finance Ministry has announced the merger of nationalized banks like PNB, Bank of Baroda, Canara, Allahabad Bank from April, as per the central government announcement, ten banks are to be merged into four banks.

If your account is in the bank then this news is for you. The merger of ten banks is proposed to take effect on April 1. The Finance Ministry has announced the merger of nationalized banks like PNB, Bank of Baroda, Canara, Allahabad Bank from April, as per the central government announcement, ten banks are to be merged into four banks. Under this merger of ten banks, four big nationalized banks will come into existence. If this merger happens, it will directly affect the customers. After this, IFSC codes will also be changed from bank account number of bank customers like PNB, Bank of Baroda, Canara, Allahabad Bank. Bank unions say that in the process of merger, works like loans, NEFT and RTGS will also be affected, which will directly affect the economy.

Now every bank has a different account number. The merger of Allahabad Bank with Indian Bank is proposed. Till now Allahabad Bank's customers have an account number of 11 digits, but after the merger it will be 12 digits on the lines of Indian Bank. Similarly, 16 digit account number has been given to customers in Punjab National Bank. It is to merge with Oriental Bank of Commerce and United Bank of India. Account numbers of these customers will also be changed. On the same lines, Syndicate Bank is to be merged with Canara and Andra and Corporation Bank in Union Bank.

As of now, the IFSC code of each bank is different but, when the merger process starts, only the IFSC code of the originating banks will be valid. In such a situation it will affect the customers. Actually, all banks and branches have different codes. The IFSC code of 82 banks will be changed in Moradabad itself after the merger.
A merger of banks is proposed from April 1, the banks to which the merger will take place. The IFSC and account number of the promoter bank will be applicable therein. In such a situation, it is bound to change the account number and the IFSC code. However, the government is doing its best to ensure that customers do not face any problem in this process.