Understanding the Merger of Corporation Bank with Union Bank of India

On April 1, 2020, Corporation Bank merged with Union Bank of India, marking a significant consolidation in the Indian banking sector. This merger aimed to create a stronger, more efficient banking entity with enhanced capabilities to serve its customers. As a result of this merger, several changes were implemented, including the updating of IFSC codes for Corporation Bank branches.

Impact of the Merger on Corporation Bank IFSC Codes

Following the merger, the IFSC codes of Corporation Bank branches were updated to reflect their new status under Union Bank of India. The old IFSC codes, which were previously used for transactions, are now considered inactive. Using these outdated codes can lead to transaction failures, causing inconvenience to customers.

Why Old IFSC Codes are Inactive

The Reserve Bank of India (RBI) mandates that banks update their IFSC codes in the event of a merger or acquisition. As Corporation Bank merged with Union Bank of India, its IFSC codes were updated to ensure seamless integration and compliance with RBI regulations. Consequently, the old IFSC codes associated with Corporation Bank are no longer valid for transactions.

Finding Your New Union Bank of India IFSC Code (Formerly Corporation Bank)

To avoid transaction failures, it is essential to update your IFSC code to the new one assigned by Union Bank of India. IFSCTeam.com, the leading authority on Indian Banking codes, provides a comprehensive search tool to help you find your new IFSC code.

Using the IFSCTeam.com Search Tool

To find your new IFSC code, follow these steps:

  • Visit the IFSCTeam.com website and navigate to the IFSC code search tool.
  • Enter your branch name, city, or district in the search bar.
  • Browse through the search results to find your new IFSC code.

By using the IFSCTeam.com search tool, you can easily locate your updated IFSC code and ensure that your transactions are processed smoothly.

Updating KYC and Checkbook Details Post-Merger

In addition to updating your IFSC code, it is crucial to review and update your Know Your Customer (KYC) details and checkbook information. This ensures that your banking records are accurate and up-to-date, reflecting your current banking relationship with Union Bank of India.

Steps to Update KYC and Checkbook Details

  • Visit your nearest Union Bank of India branch or log in to your online banking account.
  • Submit a request to update your KYC details, providing the necessary documentation.
  • Request a new checkbook with your updated account details, including the new IFSC code.

By updating your KYC and checkbook details, you can ensure that your banking transactions are processed efficiently and securely.