SBI BIG alert for UBI, OBC account holders! Do THIS now to avoid payment failures
SBI, UBI, OBC, PNB latest news: India's largest public lender, the State Bank of India (SBI), has a very important message for United Bank of India (UBI), Oriental Bank of Commerce (OBC) and Punjab National Bank (PNB) account holders.
SBI, UBI, OBC, PNB latest news: India's largest public lender, the State Bank of India (SBI), has a very important message for United Bank of India (UBI), Oriental Bank of Commerce (OBC) and Punjab National Bank (PNB) account holders. SBI notification for UBI and OBC customers is in regard to the latest changes that these banks have undergone.
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This is related to the merger of the IFSC code of United Bank of India, Oriental Bank of Commerce with Punjab National Bank.
— State Bank of India (@TheOfficialSBI) April 15, 2021
As Oriental Bank of Commerce and United Bank of India have been merged with Punjab National Bank (PNB), customers of these banks also need to make required changes in existing beneficiaries. Since IFSC codes of UBI and OBC have been merged, with Punjab National bank, Oriental Bank of Commerce and United Bank customers will have to delete existing beneficiaries with accounts in UBI and OBC. "They will have to re-register beneficiaries with new IFSC and account numbers in all digital channels," Tweeted SBI.
The State Bank of India further said, "Request to re-register beneficiaries with accounts in amalgamated banks to avoid payment failures."
Earlier PNB had said in a tweet that user ID of the old customers of Oriental Bank of Commerce and United Bank of India has changed. After the merger of OBC and UBI banks with PNB, the MICR Code and IFSC Code have also changed from April 1, 2021.
Finance minister Nirmala Sitharaman had in August 2019 announced that PNB, Oriental Bank and United Bank will be merged to become the second largest PSU Bank in India with business of over Rs 17.95 lakh crore (1.5 times that of PNB). PNB currently has around 11,000 branches and a workforce of over 1 lakh people, as per bank document claims.
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