Procedural changes customers must know post bank mergers

The host of bank mergers and their customers will now have to be prepared for an entirely new processes and systems.

Currently, many depositors of public sector banks have been facing delays and disruptions in their services even in regular transactions. Holdups against the clearing of the cheques break in internet banking, and not spent much attention to the transactions done by using mobile-banking are some common complaints. Here’s an insight into what has been happening.

Many of these banks have been boosting their present systems after the mergers. And many such mergers have occurred in the last couple of years. Vijaya Bank and Dena Bank has been amalgamated with the Bank of Baroda on April 1, 2019. Furthermore, this year, by April 1, 2020, another Corporation Bank and Andhra Bank were included with Union Bank of India.

In an attempt to enhance the experience of the customer, Bank of Baroda and Union Bank of India exists in the center of combining and launching their upgraded banking systems.

Bank of Baroda, if as an example has sent out messages through the texts or emails to all the former customers of Dena Bank mentioning that their core banking systems would be promoted by 12th of December. Furthermore, Corporation Bank has declared openly that, from 1st of December 2020, the branches of all the banks have been entirely combined with Union Bank of India’s and that systems are being boosted.

If in case, any account holder is with Corporation Bank, then the account number and identification number of the customer will not alter after data migration to the Union Bank of India. Nonetheless, the MICR codes and the IFSC code of the account holder’s Corporation bank branch will be changed.

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