Big update for Allahabad Bank customers, know what will happen to your account post-merger with Indian Bank

NEW DELHI: Allahabad Bank, one of the oldest public sector banks in the country, was merged with the Indian Bank on February 15. After Allahabad Bank’s merger with the Indian Bank, new rules have come into force from Monday. 

It may be noted that Union Finance Minister Nirmala Sitharaman had announced the merger of several public sector banks in Union Budget 2020 in March last year. Ahead of the merger, the Indian Bank had announced a share swap ratio of 115 equity shares of Rs 10 each for every 1,000 shares of Rs 10 each of Allahabad Bank. As per the merger, Allahabad Bank was amalgamated into Indian Bank, along with nine other PSBs merged into four.

Changes post-merger

Post-merger, the Indian Bank carried out a software migration over the weekend. In addition, changes were made in IFSC code, mobile banking app, cheque book and passbook of Allahabad Bank account holders which came into effect from Monday (February 15). 

“The bank has successfully completed the process of technical migration of CBS/ITMS software of erstwhile Allahabad Bank with CBS/ITMS software of Indian Bank,” it said in a regulatory filing. Indian Bank carried out the migration process on 13-14 February and had informed that customers may face little disruption in services.

Will merger affect Allahabad Bank Account Holders? 

Now customers will have to use the new IFSC code for money transfer. Allahabad Bank account holders will now have to download the indOASIS app for online banking. Allahabad Bank had already appealed to all account holders to adopt new changes. 

After which customers can contact their home branch or get a new IFSC code by logging on to www.indianbank.in/amalgamation to know their new IFSC code starting with IDIB for RTGS, NEFT, IMPS(IMPS). 

In addition, customers can also SMS their registered mobile number to 92688 01962 to get a new IFSC code.

Allahabad Bank’s chequebook, ATMs will remain valid for 6 months

Even though online banking operations have changed since today, it does not mean that your cheque book has been deactivated with immediate effect. 

Allahabad Bank’s chequebook will continue to work for the next 6 months or till the cheque is over. In addition to the cheque book, ATMs will also be active for 6 months as before. Allahabad Bank customers can call customer care number 1800-425-0000 for more information. The bank has taken full care to avoid any inconvenience to the customers. Customers will be able to use http://indianbank.net.in for internet banking.

The website will provide full knowledge of the new rules to the account holders and also know-how and where they can update the old bank-related papers.

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