Are you a customer of any of the eight public sector banks (PSB) merged in the last two years? If yes, then you need to take some actions to keep your account active. But, before knowing the to-do-list, you need to be aware of the names of the banks that have undergone the merger process. These banks are Dena Bank, Vijaya Bank, Corporation Bank, Andhra Bank, Syndicate Bank, Oriental Bank of Commerce, United Bank of India and Allahabad Bank.
The account holders of these banks will have to get a new cheque book and passbook as the previous ones will become invalid soon. Customers of these banks should also know that their account number, IFSC, MICR code, branch address, will also change. However, the existing cheque book will be valid till 30 June 2021, Punjab National Bank informed the customers in a tweet.
To get all the important information and updates via SMS or email, customers of any of these banks will have to update the details like mobile number, address, nominee, etc.
Also Read | Inside Mumbai’s new extortion economy
Bank of Baroda had alerted its customers not to fall prey to any rumours and that the cheques of erstwhile Vijaya and Dena bank will be acceptable and valid in their banking system. The bank also advised them to request from new cheque book with MICR code at their convenience
“Dear customers, please note that the cheques of erstwhile Vijaya and Dena bank are acceptable and valid in our banking system. Please do not fall prey to any rumours. A new cheque book with MICR code may be requested by the customers at their convenience. Thank you,” Bank of Baroda had tweeted on 15 March.
“Please get a new PMN Cheque book issued through the branch, internet banking, mobile banking or ATM. The bank said that the customers of these banks should make a note that their cheques will remain valid only up to 30 th June 2021,” PNB said in a tweet.
Some banks could also offer more time to customers as the Reserve Bank of India has allowed some banks to continue with the old chequebooks for another quarter or two. For example, Syndicate Bank customer can use their chequebooks until 30 June.
Dena Bank and Vijaya Bank were merged with Bank of Baroda on 1 April 2019, while the amalgamation of the Oriental Bank of Commerce (OBC) and United Bank of India with Punjab National Bank came into effect last year (1 April 2020). Besides, Syndicate Bank has been merged with Canara Bank, Andhra Bank and Corporation Bank merged with Union Bank of India, while Allahabad Bank has been merged with Indian Bank.