Alerting its prospects, the Punjab Nationwide Financial institution (PNB) had already knowledgeable that the prevailing examine books of Oriental Financial institution of Commerce (OBC) and United Financial institution of India can be deleted from April 1, as they’re solely legitimate till ” as of March 31, 2021.

These account holders should additionally know the brand new IFSC and MICR code.

Learn additionally | How India tightened the noose round OTT

What ought to account holders of those banks do?

In case you are a buyer of considered one of these banks, it is advisable replace your contact particulars comparable to your mobile phone quantity, deal with, candidate identify, and so forth. You should get a brand new checkbook and passbook from the banks with which your previous financial institution was merged.

After getting the brand new checkbook and passbook, you will have to replace your financial institution particulars recorded in varied monetary devices.

Financial institution merger

Dena Financial institution and Vijaya Financial institution merged with Financial institution of Baroda on April 1, 2019, whereas the merger of Oriental Financial institution of Commerce (OBC) and United Financial institution of India with Punjab Nationwide Financial institution got here into impact on final 12 months (April 1, 2020). As well as, Syndicate Financial institution was merged with Canara Financial institution, Andhra Financial institution and Company Financial institution merged with Union Financial institution of India, whereas Allahabad Financial institution merged with Indian Financial institution.

Through the largest consolidation train of the banking area, the federal government introduced in August 2019 the merger of 10 public sector lenders into 4 bigger and stronger banks. With this, the variety of public sector banks in India will enhance to 12 from 27 in 2017.