The IFSC Code Post Merger: Oriental Bank of Commerce Sector 34 Chandigarh Branch is Now PNB

Introduction

Following the integration of Oriental Bank of Commerce (OBC) with Punjab National Bank (PNB), several changes have been made to reflect this merger. One of the prominent changes is the new IFSC (Indian Financial System Code) code for the branch located in Sector 34, Chandigarh. If you're a customer or operate a business that deals with this branch, understanding the updated IFSC code is crucial. This article provides all the necessary information to help you make the transition smoother and ensure seamless transactions.

Current Branch Details Post Merger

The branch that was a part of Oriental Bank of Commerce, situated at SNP Rd, Sub City Center, Sector 34-A, Chandigarh 160022, is now officially known as a branch of Punjab National Bank. The branch continues to function under the merged entity from a new IFSC code and MICR code.

Updated IFSC Code

The new IFSC code for the branch, post the merger, is:

IFSC: PUNB0061410

This code is used for transferring funds electronically and also for standing instructions in the National Family College Education System (NCESC). It is a unique identifier for the branch in the FINOD (Financial Institutions) database.

Updated MICR Code

The corresponding MICR (Magnetic Ink Character Recognition) code for this branch has also been updated. The MICR code for the Sector 34 Chandigarh branch is:

MICR: 160024116

This code is used for the physical processing of cheques, allowing for the automatic recognition of the bank and branch where the cheque was issued. The MICR code is important for the clearing process and helps in ensuring that transactions clear without delay or issues.

What to Do if You're a Customer

If you are a customer of the former Oriental Bank of Commerce branch in Sector 34, Chandigarh, and now do business with a branch of Punjab National Bank, you will need to ensure that you use the correct IFSC and MICR codes. This change is necessary for online fund transfers and for ensuring that all your financial transactions go through smoothly.

Conclusion

The merger between Oriental Bank of Commerce (OBC) and Punjab National Bank (PNB) has significantly affected the operations of OBC's branches, particularly the branch in Sector 34, Chandigarh. Making the switch to the new IFSC and MICR codes is an essential step for any OBC customer who conducts transactions through electronic channels or at the physical branch. Ensuring that you have the correct codes can prevent any disruptions in your financial services.

Frequently Asked Questions

1. What is the IFSC code for the Sector 34 Chandigarh branch, after the merger?

The IFSC code for the branch is now PUNB0061410.

2. What is the MICR code for the same branch?

The MICR code for the Sector 34 Chandigarh branch is 160024116.

3. Why do I need to update my IFSC and MICR codes?

Updating your IFSC and MICR codes is important for ensuring that all financial transactions go through without any issues. The new code reflects the branch's affiliation with Punjab National Bank.