The Indian Financial System Code (or IFSC) is an 11-digit alpha-numeric code assigned by the Reserve Bank of India to identify every bank branch participating in the payment system uniquely. This code is used by electronic payment system applications such as RTGS, and NEFT. It is mandatory for fund transfers from one bank account to another. Every bank branch will have a unique code and no two branches (even of the same bank) will ever be the same.
In Allahabad Bank's 11-digit IFSC code, the first four letters will be 'ALLA', and the last 6 digits will represent a specific branch code. For example, the IFSC code of the Allahabad Bank branch on Rajlok, 24 Nehru Place, New Delhi 110019, is ALLA0210615. Here, 210615 is the branch code.
According to the bank's annual report for the financial year 2016-17, the bank had a total of 1,214 ATMs as on March 31, 2017 and 3,246 branches.
State Bank of India, Bank of Baroda, IDBI Bank, Bank of India, HDFC Bank, Union Bank of India, Allahabad Bank, and L&T Finance are some of the lenders that put up assets for sale, dealers said. Individual lenders could not be contacted immediately for comments.
State Bank of India, Bank of Baroda, IDBI Bank, Bank of India, HDFC Bank, Union Bank of India, Allahabad Bank, and L&T Finance are some of the lenders that put up assets for sale, dealers said. Individual lenders could not be contacted immediately for comments.
The merger of PNB with OBC and UBI has created the country's second largest state-owned bank with Rs 7.7 lakh crore advances. OBC chief executive Mukesh Kumar Jain, who is now in PNB will be retiring in July. UBI chief executive Ashok Kumar Pradhan will be retiring at the end of May from PNB.
The merger is part of the government's mega consolidation plan to amalgamate 10 state-run banks to create four global-sized lenders, beginning next financial year.
You would have given your bank account numbers and IFSC codes for various financial transactions. Unless these accounts are seamlessly merged into the financial system of the anchor bank, you would be required to change the details of your bank account.
The merger process of Indian Bank and Allahabad Bank could face a slight delay in the wake of the 21-day nationwide lockdown, an official of the Kolkata-based lender said on Saturday.
The government has also decided to follow the Bank of Baroda-style branding where all the merging bank logos will be displayed for higher customer recall. For example, Indian Bank which is the anchor bank for its merger with Allahabad Bank will retain the name. Its new brand identity will carry the logo of both the banks, chief executive Padmaja Chunduru said.
