Introduction to the Merger

The Oriental Bank of Commerce (OBC) merged with the Punjab National Bank (PNB) on April 1, 2020, as part of the Indian government's plan to consolidate the banking sector. This merger aimed to create a stronger and more efficient banking system, reducing the number of public sector banks from 27 to 12.

Background of the Merger

The merger was announced in August 2019, and the Reserve Bank of India (RBI) approved the amalgamation scheme in March 2020. The merger resulted in the creation of the second-largest public sector bank in India, with a combined business of over ₹18 lakh crore.

Merger Details

  • The merger became effective on April 1, 2020.
  • OBC's branches, employees, and customers became part of PNB.
  • The merged entity operates under the name Punjab National Bank.

Impact of the Merger on Customers

The merger has significant implications for customers of both banks. One of the most critical aspects is the change in IFSC codes. The old IFSC codes of OBC are now inactive and will lead to transaction failures if used. Customers must update their IFSC codes to the new PNB IFSC codes to avoid any disruptions in their banking services.

To find the new IFSC codes, customers can use the IFSCTeam.com search tool, which provides accurate and up-to-date information on IFSC codes. Simply enter the bank name, branch name, or location to find the new IFSC code.

Updating KYC and Checkbook Details

Post-merger, customers need to update their Know Your Customer (KYC) details and checkbook information to reflect the changes. Here's a step-by-step guide:

  1. Visit the PNB website or mobile banking app to update your KYC details.
  2. Fill out the KYC update form and submit the required documents.
  3. Apply for a new checkbook with the updated PNB branding and IFSC code.

Benefits of the Merger

The merger is expected to bring several benefits to customers, including:

  • Improved services and products
  • Enhanced digital banking experience
  • Increased branch and ATM network
  • Better risk management and financial stability