PSU Bank Merger, Changes Needed For Your Trading & Demat Account
Finance Minister Nirmala Sitharaman announced the merger of 10 public sector banks into 4 from the 1st of April 2021, which has reduced the number of public sector banks from 27 to 12. If the bank that you are using is primarily on Paytm Money and is being merged you have to update the IFSC code and in some cases the new account number in the app.
Here is the List of Merged Banks & Your Actionables
Banks were merged to improve operating efficiency, governance, and accountability and facilitate effective monitoring.
The move was to create globally stronger banks, doing away with needless overlaps in operations and infrastructure, and ushering in economies of scale to bring down costs has always been at the heart of any consolidation drive.
The move was aimed at creating next-generation banks with a strong national presence and global outreach accompanied by enhanced capacity to increase credit to the various important sectors of the economy.
Paytm Money Bank addition / IFSC Code Updation Process
- Go to the Paytm Money application (web/mobile).
- Go to the Account section
- Click on the bank account link option.
- If you want to add a new bank, then click on the “Add New Bank Account” option.
- If you want to update the IFSC code of any of the existing banks then click on the bank option and update the IFSC code. Upload bank account proof and complete the process
As per the government announcement, PSU banks are being merged and if your primary bank account registered with Paytm Money is one of the merged bank then please update the IFSC code and account number on Paytm Money app as soon as possible.