Government of India, took an effort to consolidate the Public sector banks and this is set to re-define the Indian Banking Space. As a result of this consolidation, some of the banks are merged with other big banks. The account holders of the bank which is merged will subsequently be considered as account holders of the acquirer bank. For eg.,Allahabad Bank is merged with Indian Bank and if you had an account with Allahabad Bank, after the merger, you will be an account holder of the Acquirer Bank which is the Indian Bank in this case.
Here is the list of Acquirer banks and the banks that merged with Acquirer
|S No||Acquirer Bank||Banks that are merged|
|1||Punjab National Bank||Oriental Bank of Commerce & United Bank of India|
|2||Indian Bank||Allahabad Bank|
|3||Canara Bank||Syndiacate Bank|
|4||Union Bank of India||Andhra Bank and Corporation Bank|
If you hold account with any of the banks mentioned in column 3, you will have to update your acquirer bank account details, as seen in column 2 and this can be done online. Read here to know how to update it online
Do note that, as the accounts of the banks that gets merged are getting closed by 1st of March and as the details such as IFSC, MICR etc, of these are getting changed, there will be difficulty in making payout to them and in receiving pay-in from them. Hence, request you to update the acquirer bank account detail for seamless online trading.
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