Wednesday, May 25, 2022

Know the Changes Affecting Customers Post Corporation Bank, Andhra Bank Merger with Union Bank of India

The migration of all the purchasers of the Company Financial institution and Andhra Financial institution has been efficiently accomplished to the core banking resolution (CBS) of Union Financial institution of India (UBI). The Union Financial institution on January 25 knowledgeable that it has accomplished IT integration of all branches of erstwhile Andhra Financial institution with itself. The financial institution accomplished its IT integration with erstwhile Company Financial institution within the month of November final 12 months. Web banking, cellular banking, UPI, IMPS, treasury and swift have additionally been rolled out by UBI for Andhra and Company Financial institution clients.

Right here is all it’s good to know:

1. No adjustments have been made to the account quantity and buyer identification quantity for the purchasers having an account with Company Financial institution or Andhra Financial institution after knowledge migration to Union Financial institution of India.

2. The present IFSC code and MICR codes of the Company Financial institution or Andhra Financial institution will change and all of the transactions by NEFT, RTGS, ECS, NACH, and so on performed with the present IFSC and MICR Codes can be utilized solely until March 31, 2021. Clients should replace their IFSC and MICR codes earlier than this date.

3. There shall be no adjustments made within the PIN quantity or expiry date of the purchasers’ present debit and bank card. The playing cards will proceed to stay legitimate till their expiry and can be utilized with none fear.

4. The purchasers will witness adjustments within the web and cellular banking services as nicely. For instance, an individual having an account with Company Financial institution won’t be able to make use of its web banking platform. As a substitute, he/she should use Union Financial institution of India’s web banking portal. Nevertheless, the login credential of the consumer will stay the identical.

5. The client should obtain Union Financial institution of India’s UMobile Utility and re-register there for the cellular banking facility with the present debit card.

Andhra Financial institution and Company Financial institution’s amalgamation with Union Financial institution got here into impact from April 1, 2020. The financial institution claimed in its assertion that your complete migration has been accomplished at file time with least inconvenience to clients. That’s with out making any change of their account numbers, debit playing cards or web banking credentials.

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