Tag: corporation bank

UBI update on change in IFSC code for merged banks

Banking & Finance

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Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile (e)-Andhra Bank and e-Corporation Bank branches will change with effect from April 1, 2021.

Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes, UBI said in a statement.

The Indian Financial System Code (IFSC) is used to identify a participating bank branch in the National Electronic Funds Transfer (NEFT) Structured Financial Messaging Solution (SFMS) message. Magnetic Ink Character Recognition (MICR) Code is used for cheque processing.

The old IFSC codes of branches of these erstwhile banks will not be valid from April 1, 2021. Andhra Bank and Corporation Bank were amalgamated with UBI with effect from April 1, 2020. The IT integration of both the banks has been completed without changing the Account number of customers.

UBI has asked customers to update new IFSC on mandates given by them and notify remitters about the same. Per the statement, the Bank has requested customers to obtain new cheque book from their branch or apply through mobile app, or Internet Banking or ATM.

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Union Bank completes IT integration of all Andhra Bank branches with itself, BFSI News, ET BFSI

Banking & Finance

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Mumbai: State-owned Union Bank of India on Monday said it has completed IT integration of all branches of erstwhile Andhra Bank with itself. In November last year, the lender had completed its IT integration with erstwhile Corporation Bank.

The amalgamation of Andhra Bank and Corporation Bank with Union Bank came into effect from April 1, 2020.

“With this achievement, the entire IT integration of erstwhile Andhra and Corporation Bank branches with Union Bank of India has been completed,” the lender said in a release.

All customers of erstwhile Andhra Bank and Corporation Bank have been successfully migrated to core banking solution (CBS) of Union Bank. It has also rolled out internet banking, mobile banking, UPI, IMPS, treasury and swift for erstwhile Andhra and Corporation Bank customers.

“We are extremely delighted to achieve complete integration of all branches and delivery channels of erstwhile Andhra Bank and Corporation Bank. It opens huge opportunities for our customers and enhances our capability to offer innovative products and services,” the bank’s managing director and CEO Rajkiran Rai G said in the release.

The entire migration has been completed at record time with least inconvenience to customers i.e. without affecting any change in their account numbers, debit cards or net banking credentials, the bank said.

The current IFSC code and cheques can be used till March 31, 2021. The entire migration has been executed in association with Infosys, EY, and BCG, it said.



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