Changes In Banking Rules From March 1

Changes In Banking Rules From March 1
Tags: banking

New changes are waiting in the Indian banking system, many rules and regulations are updated on a monthly basis which affects the life of their user. So, these March 1 2021 is going to change for various guidelines. As the month change below are some revisions from March 1, 2021.

Know how they will affect your life.

No Rs 2,000 Note Can Be Withdrawn From Indian Bank

From March 1, clients will not pull out Rs 2,000 notes from Indian Bank ATMs. Nonetheless, they will want to pull out the notes from the bank counter. "Subsequent to pulling out money from ATMs clients come into the bank offices to trade Rs 2,000 notes for more modest category cash notes. To stay away from that we have chosen to stop the stacking of Rs 2,000 division notes in ATMs with prompt impact," the Indian Bank said. 

After Merger The IFSC Code Of PNSC To Change

Punjab National Bank (PNB) is likewise making changes in the standards identified with IFSC. Punjab National Bank will change the old checkbook and IFSC or MICR code of its partner banks Oriental Bank and United Bank of India. Albeit the old codes will work till March 31, yet the bank has advised its clients to get new codes or, more than likely there might be issues later. 

IFSC Code Of BOB To Be Effective From March 1

After the consolidation of Vijaya Bank and Dena Bank in BoB, the IFSC codes of the two banks will be changed from March 1, 2021. It implies that you will not execute with the old IFSC code. Bank of Baroda has likewise said that clients can get checkbooks with the new MICR code by 31 March 2021. The consolidation of Vijaya Bank and Dena Bank with Bank of Baroda (BoB) produced results from 1 April 2019. After this, the clients of Dena Bank and Vijaya Bank became clients of Bank of Baroda. 

SBI Customers? KYC Compulsory From March 1

It will be compulsory for State Bank of India (SBI) clients to complete their KYC on the off chance that they wish to keep their records dynamic.

Keep yourself updated with these changed rules, as it might affect your working patterns, or you can miss out on the important banking rules that will incur huge losses. 

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