Corporation Bank Merger
- The government declared in August 2019 that ten public sector lenders would be merged into four larger and more powerful banks. "Increased lending capacity will assist businesses and industry, with the statutory ceiling for lending to individual borrowers rising from Rs 1,500 crores to Rs 3,000 crores” according to the government.
- From April 1, the 10 public sector undertaking (PSU) banks were merged into four. The number of public sector banks in India has decreased from 27 in 2017 to 12 today as a result of mergers. However, because the bank's staff is working with limited resources due to the ongoing lockdown caused by the coronavirus pandemic, the total merger may take a bit longer.
- Six merging banks and six independent banks make up the new 12 public sector banks. The six amalgamated banks will be State Bank of India, Bank of Baroda, Punjab National Bank, Canara Bank, Union Bank of India, and Indian Bank. Indian Overseas Bank, UCO Bank, Bank of Maharashtra, and Punjab and Sindh Bank are among the others.
- Banks with a strong regional focus will continue to operate as separate companies.
Corporation bank merger with union bank
- The migration of all Corporation Bank and Andhra Bank customers to Union Bank of India's core banking solution (CBS) has been completed successfully (UBI). On January 25, the Union Bank announced that it has completed the IT merger of all branches of the former Andhra Bank. In November of last year, the bank completed its IT integration with the former Corporation Bank. UBI has also launched internet banking, mobile banking, UPI, IMPS, Treasury, and Swift for Andhra and Corporation Bank users.
- All of the former Corporation Bank's branches, including service and specialised branches, have been fully integrated with the Union Bank of India (UBI), according to a press statement.
- It reported that all customers of the former Corporation Bank have been successfully transferred to Union Bank of India's core banking system (CBS) in a record time.
- In addition to this accomplishment, the bank has successfully rolled out internet banking, mobile banking, UPI, IMPS, FI gateway, treasury, and Swift for former Corporation Bank customers, allowing them to transact smoothly across UBI branches and delivery channels.
- Previously, the bank seamlessly transitioned its ATM switch and terminals to the UBI network.
- The migration was carried out in collaboration with Infosys, EY, and BCG.
- The bank has already completed the administrative merger process, which included the implementation of a new organisational structure, as well as standardised products and processes.
Effects of corporation bank merger with union bank
- After data migration to Union Bank of India, no modifications were made to account numbers or customer identification numbers for clients who had accounts with Corporation Bank or Andhra Bank.
- The Corporation Bank or Andhra Bank's present IFSC and MICR codes will change, and all NEFT, RTGS, ECS, NACH, and other transactions made with the current IFSC and MICR codes will be valid only until March 31, 2021. Before this date, customers must change their IFSC and MICR codes.
- The PIN number or expiration date of the customers' present debit and credit cards will not be changed. The cards will stay valid until their expiration date and can be used without fear.
- Customers may also notice modifications in the internet and mobile banking services. A person with a Corporation Bank account, for example, will not be able to access the bank's internet banking portal. He will have to use the Union Bank of India's internet banking system instead. The user's login credentials, however, will not change.
- The consumer must download Union Bank of India's UMobile Application and re-register for mobile banking using the same debit card as before.
The merger of Andhra Bank and Corporation Bank with Union Bank took place on April 1, 2020. In a statement, the bank claimed that the full move was accomplished in record time with minimal customer disruption. That's without changing their account numbers, debit cards, or net banking passwords.
IT merger of andhra bank with union bank
- Andhra Bank's IT integration with Union Bank was accomplished without changing customer account numbers, but IFSC codes were modified.
- The e-Andhra and e-Corporation Bank branches' IFSC codes have been updated. Since the e-Andhra and e-Corporation Bank were merged with Union Bank of India in April 2021, old IFSC codes for both banks' branches would no longer be valid.
- Both banks' IT integration was accomplished without changing customers' account numbers, however, IFSC codes were modified.
- "We are delighted to achieve complete integration of all e-CB branches and delivery channels. It opens a huge opportunity for our customers and enhances our capability to offer innovative products and services," said Rajkiran Rai G, managing director and chief executive officer of Union Bank of India.