PNB, OBC, UBI Merger: If your account is also in OBC i.e. Oriental Bank of Commerce and Union Bank of India, then this news is very important for you.
Changed IFSC Code of PNB
According to PNB-Punjab National Bank, the old IFSC code has been changed. These codes will not work after 31 March 2021. If someone uses the old code then money will not be transferred.
For online transaction, the bank’s IFSC i.e. Indian Financial System Code has to be added along with the bank account number. The number of banks in India is very large and in this situation the branches of all banks cannot be remembered.
That is why the RBI has given a code to all bank branches to remove this problem. Any branch of the bank can be tracked through that code.
eOBC और eUNI में इंटरनेट / मोबाइल बैंकिंग का उपयोग करने वाले ग्राहकों को सेवाओं की प्राप्ति के लिए दोबारा पंजीकरण करने की कोई आवश्यकता नहीं है।
— Punjab National Bank (@pnbindia) February 3, 2021
The IFSC code is 11 digits long. The initial four letters in the IFSC code indicate the name of the bank. The IFSC code is used during electronic payment.
The IFSC code can be used for National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS).
There are many ways to find the IFSC code. You can find out the IFSC Code through website, bank account and check book. Any person can find the IFSC code by visiting the website of the concerned bank.
Apart from this, on the first page of the bank account passbook, you will have information such as account number, address, branch code, IFSC code and account holder name.
You can also find out the IFSC code through the checkbook. In a checkbook, IFSC Code is written above, in some it is written downwards.
Changed PNB MICR Code
The bank says that the old MICR code will no longer do. Let us tell you that OBC, United Bank of India has merged with PNB. Now the existence of these two banks is over. Customers of both these banks have shifted to PNB. That is why the rules have changed.
MICR code is Magnetic Ink Character Recognition. As you can understand by its name.
It would have been based on character recognition. It is used on the bank’s check book. Often you have seen the MICR code written on a check.
The MICR code is printed with magnetic ink on check. It is mainly used to protect transactions like a security barcode.
MICRcode is 9 digits. Each bank branch has its own unique MICR code. The first 3 digits in the 9 digits of the MICR code indicate the name of the city. The name of the bank is given in the next 3 digits and the last 3 digits are about the bank branch.