InvestorQ : What will be the impact of Public Sector Bank Mergers on my account with my AMC?
Ria Jain made post

What will be the impact of Public Sector Bank Mergers on my account with my AMC?

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ishika Banerjee answered.
2 weeks ago
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As per the notification issued by RBI on the merger of public sector banks, there could be a change in bank account numbers or IFSC codes in the records of merged banks w.e.f 1st April 2021.

Therefore, the users will have to update their new details with their AMCs/registrars against their existing mutual fund portfolios for smooth processing of their transactions.

Here’s a list of changes banks whose bank account number will be changed:
Vijaya Bank and Dena Bank - Acquired by Bank of Baroda: As the bank account numbers are also changing, one needs to submit the duly signed written request for change in bank account numbers with their AMCs/registrars mentioning the name of AMC folio number.

However, the following does not need any manual changes, as the AMC will proactively update the bank account number and respective IFSC code, as per the master data of RBI.

  • Andhra Bank and Corporation Bank – Acquired by Union Bank of India
  • Oriental bank of commerce and United Bank of India – Acquired by Punjab National Bank
  • Allahabad Bank – Acquired by Indian Bank
  • Syndicate Bank – Acquired by Canara Bank
  • The AMC will send an intimation to the customer stating the changes made in the IFSC code.
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