Changes from April 2021: From 1st April 2021, the new financial year FY 2021-22 is going to begin and there are some major changes that are going to impact you.
Changes from April 2021: From 1st April 2021, the new financial year FY 2021-22 is going to begin and there are some major changes that are going to impact you. Discontinuation of cheque books of seven banks is one of the major changes that will have a direct impact on those bank customers’ banking needs. So, those bank customers who have a bank account in any of these seven public sector banks — Dena Bank, Vijaya Bank, Corporation Bank, Andhra Bank, Oriental Bank of Commerce, United Bank of India and Allahabad Bank — then their passbook and cheque book will become non-functional from 1st April 2021.
This discontinuation of cheque books and passbooks will happen because of the merger of these banks in various other banks. Dena Bank and Vijaya Bank have been merged with Bank of Baroda, Oriental Bank of Commerce and United Bank of India have been merged with Punjab National Bank (PNB), Corporation Bank and Andhra Bank have been merged with Union Bank of India.
PNB, Bank of Baroda issue alert
To remind back customers whose banks are getting merged with PNB and Bank of Baroda, the respective banks have already issued alerts in this regard to the merging bank customers. They have informed from various platforms that the cheque book, pass book, MICR code, IFSC code, etc would become non-functional from 1st April 2021 as these banking credentials are valid till 31st March 2021 only. Their alert is related to the existing customers of Oriental Bank of Commerce (OBC), United Bank of India, Vijaya Bank and Dena Bank. Similarly, other bank customers whose bank is getting merged with any other bank, they need to contact their new bank and get new MICR code, IFSC code, cheque book, passbook, etc.
Relief for Syndicate Bank customer
For Syndicate Bank customers, Canara Bank has already said that the existing MICR code, IFSC code, cheque book, passbook, etc. of Syndicate Bank will remain effective till 30th June 2021. So, Syndicate Bank customers need not panic by the arrival of the new financial year from next month.
