E-Paper
Indian Bank merger with Allahabad Bank: Here are the new rules for customers
“Our bank has scheduled technical migration of CBS/ITMS software of erstwhile Allahabad bank with CBS/ITMS software of Indian Bank on 13-14 February 2021,” the Indian Bank had earlier stated in a regulatory filing.
The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. The merger process took place between 9pm on February 12 to 9am on February 15 with the bank adding that services related to banking operations might be disrupted during this time period.
“Our bank has scheduled technical migration of CBS/ITMS software of erstwhile Allahabad bank with CBS/ITMS software of Indian Bank on 13-14 February 2021,” the Indian Bank had earlier stated in a regulatory filing.
As the merger got completed, new rules had been issued by the bank with regard to its services. Sharing the update on Twitter, existing customers were asked to get a new Indian Financial System Code (IFSC) code and were also informed on other services such as net banking, mobile banking among others. Customers can contact their home branch or customer care centre at 1800 425 00000 or visit www.indianbank.in/amalgamation for all their queries.
The Indian Bank on January 22 reported a standalone net profit of ₹514 crore in the third quarter of the current fiscal, helped by an improvement in the asset quality, according to news agency PTI. The lender amalgamated with Allahabad Bank with effect from April 1, 2020.
Here are the new rules that existing/new customers should be aware of after the merger:
1. For IFSC codes
Customers that had accounts with the Allahabad bank would now have to get a new Indian Financial System Code (IFSC) as the old one would not be applicable. Failure to do this would result in non-conduction of any monetary transactions. Customers can log into www.indianbank.in/amalgamation and enter the old IFSC code to obtain the fresh code.
An SMS can be sent to 92668 01962 from the registered mobile number in the format IFSC<Space> <OLD IFSC> (Eg. IFSC ALLA0210999). Customers are requested to use only Indian Bank’s IFSC codes starting with ‘IDIB.. ‘ from February 15 onwards for remittances (RTGS, NEFT, IMPS)
2. Mobile banking, introduction of IndOASIS app
With regard to mobile banking, customers will be required to install the IndOASIS app on their phones and start using it from February 15, 9 am onwards. The app is available on Google play store and IOS.
3. Net banking services
To avail of internet banking services, customers have to log into https://indianbank.net.in from February 15, 9am onwards with their existing log-in credentials.
4. Cheque book and passbook
Customers are allowed to use their existing cheque books till they are exhausted or for another six months, whichever is earlier. New passbooks in line with the Indian Bank format will be issued after February 15. Customers have also been requested to obtain a new passbook of the bank (if not taken already) from their home branch.
