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May 25, 2021: All the IFSC codes of Syndicate Bank shall be disabled from July 1 onwards, due to its merge with Canara Bank. The customers of Syndicate Bank, now have to use the new IFSC codes for their respective bank branches.
Canara Bank informed on its website that, "this is to inform that after the merge of Syndicate Bank with Canara Bank, all the e-Syndicate IFC codes starting with SYNB have changed and will be disabled with effect from July 1, 2021".
We hereby request you to inform the remitters (senders) to use only their newly provided IFSC Code starting with 'CNRB' while using NEFT/ IMPS/RTGS from now on, Bank added.
IFSC or Indian Financial System Code is an alpha-numeric 11-digit code to identify your bank branch uniquely for the online transfer of monetizing funds.
It was 2019 when Finance Minister Sitharaman had announced the merger of the bank - Syndicate Bank into Canara Bank as the Centre's plan to centralize the state-owned banks to four megabanks intend to make it more competitive, which came into effect from April 1, 2020.