Which banks are going to be merged in 2021?

Dena Bank and Vijaya Bank have been merged with Bank of Baroda, Oriental Bank of Commerce and United Bank of India have been merged with Punjab National Bank (PNB), Corporation Bank and Andhra Bank have been merged with Union Bank of India.

 The Reserve Bank of India assigns every bank branch a unique eleven-digit number called the Indian Financial System Code or the IFSC. The unique number is a combination of both alphanumeric codes, specially designated to a particular bank branch. The IFSC code is a potent requirement when it comes to making online financial transactions namely Real Time Gross Settlement (RTGS), Immediate Payment Service (IMPS), and the National Electronic Fund Transfer (NEFT). Without the IFSC code, one cannot make a financial transaction since the IFSC code determines the bank branch where the transaction is supposed to be made. 

 

Format of the IFSC code:-

• The IFSC is a combination of alphanumeric codes, wherein the first 4 characters represent the bank code.
• The fifth character is always 0.
• The rest of the last 6 characters, a combination of alphabets and numbers represent the bank branch.

All Banks list in India