Dear Readers, In this article you will get to know about the 'various codes used in Indian Banking Industry' that means Different codes used in Banking Context which identifies a bank branch of a particular bank uniquely. These codes are used for different purposes as explained below. So with the help of these codes alone, one can find the other information and address of a particular branch.
After reading this article you will know:-
What Is Magnetic Ink Character Recognition (MICR)?
What Is SWIFT Codes & BIC Codes?
What Is RTGS and NEFT?
What Is IFSC in Indian Banking Industry?
We know that People also ask-
What is the meaning of IFSC code?
What is the use of MICR code?
Why IFSC code is needed?
What is the full form of IFSC?
IFSC (Indian Financial System Code):
IFSC Code is Indian Financial System Code. Indian Financial System Code (also known as IFSC) is used for Real Time Gross Settlement aka RTGS and NEFT. IFSC Code is assigned by RBI. This code contains 11 characters. We Help to Search IFSC, Complete List of IFSC code of all bank branches in India. You Find verified IFSC codes quickly to use for NEFT, RTGS & IMPS transactions. IFSC code is a one of the most important information required in the course of electronic payment systems such as NEFT and RTGS.
Indian Financial System Code is an alpha-numeric code that uniquely identifies a bank-branch participating in the NEFT system
This is an 11 digit code with the first 4 alpha characters representing the bank, the 5th character is 0 (zero) and the last 6 characters representing the bank branch
IFSC is used by the NEFT system to identify the destination banks and also to route the messages appropriately to concerned bank
MICR – Magnetic ink character Recognition:
MICR (magnetic ink character recognition) is a technology used to verify the legitimacy or originality of paper documents, especially checks. Special ink, which is sensitive to magnetic fields, is used in the printing of certain characters on the original documents. The magnetic ink character recognition line is printed using technology that allows computers to read the printed information.
MICR is 9 digit numeric code that uniquely identifies a bank branch participating in electronic clearing scheme
It is used to identify the location of a bank branch
City (3 digits), Bank (3 digits) and Branch (3 digits)
The MICR code is allotted to a bank branch is printed on the MICR band of cheques
MICR used for electronic credit system
SWIFT Code:
Swift stand for Society for Worldwide Inter bank Financial Telecommunication. ISO 9362 defines a standard format of Business Identifier Codes (also known as SWIFT-BIC, BIC code, SWIFT ID or SWIFT code) approved by the International Organization for Standardization (ISO). It is a unique identification code for both financial and non-financial institutions. SWIFT Codes & BIC Codes for all Bank Branches each country wise. Search SWIFT Codes of International Banks Branches Address for online transfer.
Society for worldwide Inter bank financial telecommunication
India was 74th nation to join SWIFT Network
SWIFT Code is a standard format of bank Identifier code
This code is used particularly in International transfer of money between banks
A majority of FOREX related message are sent to correspondent banks abroad through SWIFT
SWIFT Code consist 8 or 11 character when code is 8 digit, It is referred to primary office
4 digits – bank code, 2 digits – country code, 2 digits – location code and 3 – branch code (optional)
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