Understanding the Merger and Its Impact on Corporation Bank IFSC Codes
On April 1, 2020, Corporation Bank merged with Union Bank of India, marking a significant consolidation in the Indian banking sector. As a result of this merger, the IFSC codes of Corporation Bank underwent a change.
Why Did Corporation Bank IFSC Codes Change?
The merger led to the rebranding and restructuring of Corporation Bank's operations under Union Bank of India. Consequently, the existing IFSC codes of Corporation Bank were rendered obsolete and replaced with new ones.
Consequences of Using Old IFSC Codes
It's crucial to note that the old IFSC codes of Corporation Bank are now INACTIVE. Continuing to use these codes will result in transaction failures, causing inconvenience and potential financial losses. Therefore, it's essential to update your records with the new IFSC codes.
Finding Your New Corporation Bank IFSC Code
To facilitate a seamless transition, IFSCTeam.com provides a comprehensive search tool that enables you to find your new IFSC code. Simply visit our website and use the search bar to enter your branch name, city, or old IFSC code. Our database will provide you with the updated IFSC code for your Corporation Bank branch.
Using the IFSCTeam.com Search Tool
- Visit IFSCTeam.com
- Enter your branch name, city, or old IFSC code in the search bar
- Retrieve your new IFSC code from our database
Updating KYC and Checkbook Details Post-Merger
To ensure uninterrupted banking services, it's essential to update your Know Your Customer (KYC) details and checkbook information with the new IFSC code. Here's a step-by-step guide:
Updating KYC Details
- Visit your nearest Union Bank of India branch (formerly Corporation Bank)
- Submit a KYC update form with your new IFSC code
- Provide required identification documents
Updating Checkbook Details
- Request a new checkbook with the updated IFSC code
- Update your checkbook records with the new IFSC code
- Verify that your cheque leaves reflect the new IFSC code