IFS codes of merged bank-branches should be auto-converted in new IFS codes for incoming online payments
Bureau,Odishabarta
DELHI:IFS codes of many merged bank-branches of public-sector banks have been changed after merger of many public-sector banks requiring affected customers to inform those where their old bank-details are registered for remitting on-line payments. As such many bank-customers having their bank-details registered with too many bodies including like Public-Limited Companies, Insurance Companies, banks authorized to deal in RBI bonds will have to go through cumbersome procedure of getting their bank-details changed with all these bodies making online payments. It will be even more troublesome for senior citizens and ladies whose signatures usually differ with lapse of time.
Reserve Bank of India (RBI) and Department of Financial Services (Banking) should direct all anchor banks with whom smaller banks are merged to modify their soft-wares in a manner that remittances sent online on old IFS codes may be automatically sent permanently forever at new IFS codes rather than for a limited period like facility is given to customers of erstwhile Corporation Bank by Union Bank of India It should be a permanent and well publicized feature. Corporation Bank had some years back changed account-numbers of all its customers to plan in advance for forthcoming merger. But it was so arranged that remittances sent online on old account numbers were credited in their accounts with changed account numbers. That facility should also be continued for ever permanently.
Input;Mr.Subash
