Bank Mergers and associated process Background There has been a series of Public Sector bank mergers pursuant to Govt. of India’s initiative to consolidate the public sector banking system since 2019/20. Merged Banks and the changes: Of the 8 Banks that have merged, the first 6 banks in the list below have a change only in the IFSC code. There is NO change to the customer’s Bank Account Number. For banks 7 and 8 in the list below, Dena and Vijaya Bank respectively, there is a change to both IFSC code and Bank Account Number. S. No. Erstwhile Bank Merged Bank Changes 1 CORPORATION UNION BANK OF INDIA No changes to A/c Number BANK Changes only to IFSC code 2 ORIENTAL BANK OF PUNJAB NATIONAL BANK No changes to A/c Number COMMERCE Changes only to IFSC code 3 UNITED BANK OF PUNJAB NATIONAL BANK No changes to A/c Number INDIA Changes only to IFSC code 4 ANDHRA BANK UNION BANK OF INDIA No changes to A/c Number Changes only to IFSC code 5 SYNDICATE BANK CANARA BANK No changes to A/c Number Changes only to IFSC code 6 ALLAHABAD BANK INDIAN BANK No changes to A/c Number Changes only to IFSC code 7 DENA BANK BANK OF BARODA Both A/c Number & IFSC code has changed 8 VIJAYA BANK BANK OF BARODA Both A/c Number & IFSC code has changed Impact to MF Investors & Distributors: Post these mergers, many investors have not initiated change of their bank account details (Account No and IFSC Code) from their erstwhile bank to the new merged bank in their Mutual Fund folios. Thus far there has been no disruption to investor services with regard to redemption/ dividend pay- out /SIP/Auto-debits due to the merger led changes to bank details and this smooth functioning is expected to continue. However, in the long run, investor is advised to update the new bank details in the folio to ensure hassle-free experience and eliminate any delays or failures while processing redemption / dividend pay-outs and SIP transactions. Distributors (whose brokerage is received in the Banks where the Account number is changed) are also urged to update the bank details for smooth crediting of brokerage. In the interest of providing convenience and continued smooth experience to investors, CAMS is initiating the following steps and extensive communication with investors and distributors for the implementation of IFSC code and bank account number updation. Confidential to recipient Page 1 of 6 Bank Mergers and associated process A. For those 6 banks where there is a change in IFSC code only (NO change in Bank Account Number) CAMS has obtained the new IFSC code for all the erstwhile banks that have merged to the new bank. CAMS will change the following in the backend for all the impacted folios: o Bank Name. o IFSC Code. A communication about the change will be sent to the investor (Sample letter attached. Refer Annexure 1 “IFSC Change only”) There is no action to be taken by the investor. B. For those 2 banks (Dena Bank and Vijaya Bank) wherein there is a change to both Bank Account Number and IFSC code. CAMS will initiate a communication to investors whose folios are impacted about the change and request the investor to submit the necessary documents for Change of Bank mandate process (Sample letter attached. Refer Annexure 2 Account No. and IFSC Change) Change in bank account number and IFSC code will be done in the folios only after receipt of complete documentation from the investor. C. CAMS will send communication to distributors whose account numbers will have to be updated seeking submission of bank mandate change request. D. CAMS will provide a customized report to Distributors with list of investors who will have to submit change of bank mandate request. This will facilitate distributors to follow-up with their investors to complete the activity. Annexures 1. Annexure 1 - Sample letter to investor for “IFSC Change only”. 2. Annexure 2 - Sample letter to investor for “Acct No and IFSC Change”. 3. Annexure 3 - FAQs. Confidential to recipient Page 2 of 6 Bank Mergers and associated process Annexure 1 Investor communication by email / physical Where there is a change to IFSC code only. Dear Investor, Ref: Your investment(s) in Mutual Funds serviced by CAMS – PAN - <Masked PAN>. Sub: Updation of New Bank Name and IFSC Code consequent to your Bank merger. Greetings from Computer Age Management Services Limited [CAMS] and thank you for your investments in Mutual Funds serviced by us. This intimation is being sent on behalf of Mutual Funds where you have investments and serviced by us as the RTA. Your erstwhile Bank has amalgamated/merged with another Bank w.e.f. April 01, 2020 as per Gazette of India Notifications on Amalgamation of public sector banks. Basis the above developments and in the interest of providing convenience to you and continued smooth experience in your MF transactions, CAMS is pleased to update your old bank name with new bank name and old IFSC Code with new IFSC Code in your folios with various Mutual Funds: Details Erstwhile Bank Merged Bank Bank Name <Name of the Bank variable #1> <Name of the Bank variable #2> IFSC Code <Old Bank IFSC code variable #3> <New Bank IFSC code variable #3> Please note that there is ‘NO CHANGE’ to your bank account number which will continue to remain the same. Trust you find the above updated information to be in order. Should you wish to change/modify the information updated by us, please submit a written request with correct / new information at the nearest CAMS Investor Service Centre. If you wish to provide new bank details, please visit our website https://new.camsonline.com/Investors/Service- requests/Service-Request-Forms/Bank-Mandate-registration&cancellation to download the necessary form and submit the completed documentation at the nearest CAMS Investor Service Centre. Alternately, our service centres can also assist you with the form. For assistance, please call us on our Toll Free 1800-419-2267 (Toll-free anywhere in India) (Monday through Friday, 9.00 am to 6.00 pm) or email to [email protected]. We will be happy to assist you. Yours sincerely, Computer Age Management Services Limited [CAMS]. On behalf of Mutual Funds serviced by CAMS. Confidential to recipient Page 3 of 6 Bank Mergers and associated process Annexure 2 Investor communication by email / physical Where there is a change to BOTH Bank Account No and IFSC code Dear Investor, Ref: Your investment(s) in Mutual Funds serviced by CAMS – PAN - <Masked PAN>. Sub: Updation of New Bank information in your MF Folios consequent to your Bank’s merger. Greetings from Computer Age Management Services Limited [CAMS] and thank you for your investments in Mutual Funds serviced by us. This intimation is being sent on behalf of Mutual Funds where you have investments and serviced by us as the RTA. Your erstwhile <Name of the Bank variable #1> has amalgamated/merged with <Name of the Bank variable #2> w.e.f. April 01, 2019. Basis the above developments, we understand that a new bank account number is being allotted to you in <Name of the Bank variable #2> (merged bank). Hence, we request you to provide the new bank account information for necessary updation in your Mutual Fund folios. Updation of the new bank account details is advised to be done at the earliest in order to eliminate any disruptions to your transactions and pay-outs. Please visit our website https://new.camsonline.com/Investors/Service-requests/Service-Request- Forms/Bank-Mandate-registration&cancellation to download the necessary form and submit the completed documentation at the nearest CAMS Investor Service Centre. Alternately, our service centres can also assist you with the form. For assistance, please call us on our Toll Free 1800-419-2267 (Toll-free anywhere in India) (Monday through Friday, 9.00 am to 6.00 pm) or email to [email protected] . We will be happy to assist you. Yours sincerely, Computer Age Management Services Limited [CAMS]. On behalf of Mutual Funds serviced by CAMS. Confidential to recipient Page 4 of 6 Bank Mergers and associated process Annexure 3 Frequently Asked Questions Q. Which are the banks that have merged? A: Based on Government notifications, following erstwhile banks have got merged with another bank as indicated below. S. No. Erstwhile Bank Merged with 1 CORPORATION BANK UNION BANK OF INDIA 2 ORIENTAL BANK OF COMMERCE PUNJAB NATIONAL BANK 3 UNITED BANK OF INDIA PUNJAB NATIONAL BANK 4 ANDHRA BANK UNION BANK OF INDIA 5 SYNDICATE BANK CANARA BANK 6 ALLAHABAD BANK INDIAN BANK 7 DENA BANK BANK OF BARODA 8 VIJAYA BANK BANK OF BARODA Q: Due to this bank merger, does the investor/ distributor have to make any changes to their bank records that are with the Mutual Funds? A: Two type of actions are emanating from this merger. 1. Only IFSC Code change and no change in Account Number. 2. Change in both Account Number and IFSC Code Depending upon the bank, certain actions are required as described in the following points. Q: Which are the banks that have changes to only IFSC code? A: Below is the list of banks where there is a change to IFSC code only. S. No. Erstwhile Bank Merged with 1 CORPORATION BANK UNION BANK OF INDIA 2 ORIENTAL BANK OF COMMERCE PUNJAB NATIONAL BANK 3 UNITED BANK OF INDIA PUNJAB NATIONAL BANK 4 ANDHRA BANK UNION BANK OF INDIA 5 SYNDICATE BANK CANARA BANK 6 ALLAHABAD BANK INDIAN BANK As an investor convenience initiative, CAMS with the consent of Mutual Funds, will replace the old bank name with new bank name and old IFSC Code with the new IFSC Code.