State-owned Canara Bank announced that customers of the erstwhile Syndicate Bank, which merged into Canara Bank, will have to use the new IFSC (Indian Financial System Code) for online transactions starting July 1.
IFSC is an alpha-numeric code that uniquely identifies a bank branch for online fund transfer.
As part of the integration process for Syndicate Bank customers, Canara Bank has given a notice that IFSC codes starting with SYNB will now be changed to CNRB.
The SWIFT Code of erstwhile Syndicate Bank (SYNBINBBXXX) which is used for sending or receiving SWIFT messages for foreign exchange transactions shall be discontinued from July 1. All customers have been advised to use the SWIFT code (CNRBINBBBFD) for any of their Foreign Exchange needs.
In an official statement, the Canara Bank also said that after the merger of Syndicate Bank, all eSyndicate IFSC codes starting with SYNB have been changed. All the IFSC codes starting with SYNB will be disabled from July 1.
Syndicate Bank was amalgamated into Canara Bank with effect from April 1, 2020.
Some customers raised concerns that they would face difficulties going to the branch and getting new cheque books due to COVID-19 lockdowns. Canara Bank urged customers to visit the nearest branch or call customer care at 1800 425 0018 for further help.