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  • Category: Miscellaneous

    Public Sector Banks that were merged - were you affected?

    In the last few years, especially last year, there has been quite an upheaval for the general public due to the merging of various public sector banks. The mergers included-
    Allahabad Bank with Indian Bank
    Syndicate Bank into Canara Bank
    Andhra Bank and Corporation Bank both with Union Bank of India
    Oriental Bank of Commerce (OBC) and United Bank of India (UBI) with Punjab National Bank (PNB)

    Prior to that, Vijaya Bank and Dena Bank were merged with Bank of Baroda; and State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore, State Bank of Hyderabad, and State Bank of Patiala all were merged with SBI.

    How many of you faced major hassles due to the merging of banks? You need not mention which banks you are having an account with.

    In my case, we did have some issues. As it is, some years ago our short account number expanded to a long one due to an updating of the system by the bank's Head Office, a number that could not be remembered off-hand. A couple of years after that, due to some structural problems in the building, the branch location shifted. Though in the same locality as such, it meant an extra 10 minutes of walking than the earlier closer location. Then, as a result of a merger, we had to get new passbooks and cheque books. That itself took ages to get due to problems with the server and other things. The cheque books were really important as we had to intimate all the mutual funds' houses of the change in the Bank name and for that had to provide a cancelled cheque as a supporting document. So that got delayed due to the cheque books taking so long.

    The ultimate joke was that all our new passbooks indicate our profession as farmers!!
  • #725226
    Due to recent merging of public sectors bank, the IFSC code of every branch of merging banks have been changes. Accordingly before any online transactions it is essentially required to change the old ifsc code by the new code otherwise your transaction will be un-successful. Accordingly it is very essential for an employer who are paying salary to their employee via rtgs mode, needs also to correct ifsc code for all such affected accounts of their employees. Bank however issued letter to all such accounts holders to change the ifsc number.
    Believe in the existence of God the super power.

  • #725229
    I have not faced any problem. I have an account in SBH. That bank was merged with SBI. But there is no change in my account number and no change in my online transactions. They are continuing with the same password and ID. Even my passbook also is not changed. I went to the bank once or twice after that there is no transfer of the staff also. Same staff are continuing and all transactions are smooth. I have no account in any other bank and I have no idea about the problems faced by the account holders in those banks due to merger.
    drrao
    always confident

  • #725234
    Dr. Rao, it is correct that the account number does not change. However, as Dhruba pointed out, with the merger, the IFSC code does change. So this will definitely affect all transactions, such as receipt of dividends and online payment into your account, transferring money online to somebody's account whose bank got merged, using the NEFT facility, etc where you are required to provide the new IFSC number.
    When you make a commitment, you create hope. When you keep a commitment you create trust! ~ John C. Maxwell

  • #725281
    Generally there has been problems when the merger taken place as regards to online transfers and some money transactions were not materialized and came back to account. While our account is with SBH and was transferred to SBI after taken over the process was simple and not cumbersome. But when Andhra Bank was merged with the Union Bank of India, the loan account which we were paying monthly was put on hold for some days and then set right. And the transfer of money through erstwhile Andhra Bank were confronted with glitch. Now the things are getting right and the transactions are being done.
    K Mohan @ Moga
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #725287
    Some of my friends who had their primary account in those banks had to change the information in their bank profile in Income Tax and other such places and it was an unnecessary hassle for them. The banks were also slow in those transformations because these were forced from top and they were not willing for these mergers. For the working level people in these banks it created a lot of inconveniences and they were in many cases working overtime to correct the ambiguities brought in due to these mergers. It has taken considerable time to streamline those things.
    Knowledge is power.

  • #725289
    Vandana, in a way you are lucky. Since your profession is mentioned as farmer, whenever you require some extra money, you can take a gold loan at very low interest rate.
    Andhra Bank is merged with Union Bank of India. Now I am facing a problem with net banking. For every transaction it is asking for transaction password. With Andhra Bank, the transaction used to be with OTP. Now with the new bank, I have to get the transaction password. I am having credit card of Andhra Bank but not debit card. To get a transaction password, I need a debit card which I have to take now. For credit card payment which I was doing earlier through net banking, now I have to go to the bank to make the payment.

    " Be Good and Do Good "

  • #725416
    I had my account in Oriental Bank of Coomerce, Cannaught Place,New Delhi but this bank has lost its existence. I did not do transactions for a few years, now I don't know if I may get my deposited money back.
    Be indian and buy Indian.

  • #725501
    #725416
    Arafatuzzafar:
    Oriental Bank of Commerce and United Bank of India both have merged with Punjab National Bank (PNB). The erstwhile customers of those old banks have to go to the Punjab Natonal Bank (any branch) with the details of account number, passbook, cheque book, ATM card etc and there the bank people will convert that old account to a new account in Punjab National Bank in that branch. When banks merge the interests of the customers are kept intact. One should simply visit Punjab National Bank and they may ask may be Aadhar card or PAN card or filling of some form etc.

    Thoughts exchanged is knowledge gained.

  • #725518
    KVRR - I think farmers are also entitled to concessions on power bills? Jokes apart, I was thinking of the number of resources wasted in the merger. I can no longer use my old checkbook that was actually a new one acquired just before the merger. I was told that I can use it only to withdraw cash up to 31st March. There is a huge pile of new chequebooks at the bank's branch and I am sure it is the same case everywhere. Such wastage of paper and labour, really. Wasn't there some way to use those old ones, perhaps just put a stamp of the new IFSC code on the leaflets when a customer came to the bank with the cheque book and issue the new one once the old one was used up?
    When you make a commitment, you create hope. When you keep a commitment you create trust! ~ John C. Maxwell


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