Corporation Bank Merger with Union Bank of India: An Overview

In a significant restructuring move within the Indian banking sector, Corporation Bank was merged with Union Bank of India. This consolidation aimed to strengthen the banking system by creating larger, more robust banks capable of competing globally.

Merger Details: Corporation Bank and Union Bank of India

The merger between Corporation Bank and Union Bank of India was part of the Indian government's efforts to consolidate public sector banks (PSBs). The merger became effective on April 1, 2020, marking a significant milestone in the banking sector's restructuring.

Impact of the Merger on Customers

The merger has several implications for customers of Corporation Bank. One of the critical changes is the update of banking codes, particularly the IFSC (Indian Financial System Code). The old IFSC codes of Corporation Bank are now INACTIVE and will lead to transaction failures if used.

Understanding IFSC Code Changes

IFSC codes are crucial for identifying bank branches and facilitating electronic fund transfers. With the merger, customers need to update their IFSC codes to those of Union Bank of India. The new IFSC codes starting with UBIN replace the old codes starting with CORP.

Consequences of Using Old IFSC Codes

Using the old IFSC codes for transactions will result in failures, causing inconvenience to customers. It is essential for customers to update their records with the new IFSC codes to ensure smooth banking operations.

How to Find Your New IFSC Code

To facilitate a seamless transition, IFSCTeam.com provides a comprehensive search tool that allows customers to find their new IFSC codes. By visiting our website and using the search feature, customers can easily locate their updated IFSC codes starting with UBIN.

  • Visit IFSCTeam.com
  • Use the IFSC code search tool
  • Enter your branch details or old IFSC code
  • Retrieve your new 2026 IFSC code

Updating KYC and Checkbook Details

Post-merger, it is crucial for customers to update their Know Your Customer (KYC) details and checkbook information. This ensures compliance with regulatory requirements and facilitates uninterrupted banking services.

Steps to Update KYC and Checkbook Details

  • Visit your nearest Union Bank of India branch
  • Submit a request to update your KYC details
  • Provide necessary identification and address proof
  • Request a new checkbook with the updated branch name and IFSC code