Now a days every sector is evolving and growing at a constant pace with technology and banking sector in India is not lagging behind. The payment system has changed from paper based system to electronic systems, however both co exist. Today banks and customers find it easy to do banking via electronic method to save more time and effort. To do the same various coding facilities are available which include:
1.Magnetic Ink Character Recognition (MICR) Code: Introduced in 1986, it is helpful for clearing cheques. This requires allotting codes to each and every branch, which is encoded on the cheques issued by that particular branch. The code structure is 9 digit code as xxx(City Code)xxx(Bank Code)xxx(Branch Code).
2.Indian Financial System Code(IFSC): It is 11 digit alphanumeric code which is used by all the banks . The first 4 digits identify the banks, fifth one is numeric, last six characters identify the bank branch. RTGS and NEFT work according to the IFSC.
3.SWIFT Branch Code: It is a standard format of Bank Identifier Code and is unique for each bank. It consists of 8-11 characters but primarily 8 characters are used for office purposes. the first 4 letters is the bank code comprising only letters. The next 2 characters gives the country code.The next two characters give the location code and last 3 characters gives the branch code. In India, SWIFT does not operate because it doesn't include transactions domestically.
4.International Bank Account Number(IBAN): It is an international standard for identifying account across borders and facilitates cross border transactions. It has two parts, first being country code, check digit, bank ID and second part is the basic bank account number.
1.Magnetic Ink Character Recognition (MICR) Code: Introduced in 1986, it is helpful for clearing cheques. This requires allotting codes to each and every branch, which is encoded on the cheques issued by that particular branch. The code structure is 9 digit code as xxx(City Code)xxx(Bank Code)xxx(Branch Code).
2.Indian Financial System Code(IFSC): It is 11 digit alphanumeric code which is used by all the banks . The first 4 digits identify the banks, fifth one is numeric, last six characters identify the bank branch. RTGS and NEFT work according to the IFSC.
3.SWIFT Branch Code: It is a standard format of Bank Identifier Code and is unique for each bank. It consists of 8-11 characters but primarily 8 characters are used for office purposes. the first 4 letters is the bank code comprising only letters. The next 2 characters gives the country code.The next two characters give the location code and last 3 characters gives the branch code. In India, SWIFT does not operate because it doesn't include transactions domestically.
4.International Bank Account Number(IBAN): It is an international standard for identifying account across borders and facilitates cross border transactions. It has two parts, first being country code, check digit, bank ID and second part is the basic bank account number.
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