Axis Bank tells customers to not transfer funds to accounts with these old IFSC codes
On April 15, State Bank of India too had informed its customers re-register beneficiaries with accounts in amalgamated banks to avoid payment failures.
Axis Bank latest news: Axis Bank on April 30 notified its customers that it has disabled old IFSC codes of Oriental Bank of Commerce (ORBC) and United Bank of India (UTBI).
“Axis Bank has disabled IFSC of Oriental Bank of Commerce (ORBC) and United Bank of India (UTBI) as per RBI. Do not initiate any transaction to the said IFSC codes as they will be rejected. Please change IFSC or de-register beneficiaries in the online channels,” the bank said in a statement.
On April 15, State Bank of India too had informed its customers re-register beneficiaries with accounts in amalgamated banks to avoid payment failures.
The change in IFSC codes has been necessitated as Oriental Bank of Commerce and United Bank of India have been merged with Punjab National Bank.