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What is IFSC CODE?
The Indian Financial System Code (IFS Code or IFSC) is an alphanumeric code that facilitates electronic funds transfer in India. A code uniquely identifies each bank branch participating in the two main Payment and settlement systems in India: the Real Time Gross Settlement (RTGS) and the National Electronic Fund Transfer (NEFT) systems.
The IFSC is an 11-character code with the first four alphabetic characters representing the bank name, and the last six characters (usually numeric, but can be alphabetic) representing the branch. The fifth character is 0 (zero) and reserved for future use. Bank IFSC Code is used by the NEFT & RTGS systems to route the messages to the destination banks/branches. ....Read More
What is MICR Code?
Magnetic Ink Character Recognition Code (MICR Code) is a character-recognition technology used mainly by the banking industry to ease the processing and clearance of cheques and other documents.
The MICR encoding, called the MICR line, is at the bottom of cheques and other vouchers and typically includes the document-type indicator, bank code, bank account number, cheque number, cheque amount, and a control indicator.
The technology allows MICR readers to scan and read the information directly into a data-collection device. Unlike barcodes and similar technologies, MICR characters can be read easily by humans.....Read More
Real-time gross settlement (RTGS):
Real-time gross settlement systems (RTGS) are specialist funds transfer systems where the transfer of money or securities takes place from one bank to another on a "real time" and on a "gross" basis. Settlement in "real time" means a payment transaction is not subjected to any waiting period, with transactions being settled as soon as they are processed. "Gross settlement" means the transaction is settled on one to one basis without bundling or netting with any other transaction. "Settlement" means that once processed, payments are final and irrevocable.
RTGS systems are typically used for high-value transactions that require and receive immediate clearing. In some countries the RTGS systems may be the only way to get same day cleared funds and so may be used when payments need to be settled urgently. However, most regular payments would not use a RTGS system, but instead would use a national payment system or network that allows participants to batch and net payments.
RTGS systems are usually operated by a Reserve Bank Of India as it is seen as a critical infrastructure for a country's economy. Economists believe that an efficient national payment system reduces the cost of exchanging goods and services, and is indispensable to the functioning of the interbank, money, and capital markets. A weak payment system may severely drag on the stability and developmental capacity of a national economy; its failures can result in inefficient use of financial resources, inequitable risk-sharing among agents, actual losses for participants, and loss of confidence in the financial system and in the very use of money.....Read More
National Electronic Funds Transfer (NEFT):
National Electronic Funds Transfer (NEFT) is one of the most prominent electronic funds transfer systems of India. Started in November 2005, NEFT is a facility provided to bank customers to enable them to transfer funds easily and securely on a one-to-one basis. It is done via electronic messages. This is not on real-time basis like RTGS (Real Time Gross Settlement). This is a "net" transfer facility which is executed in hourly batches resulting in a time lag. NEFT facilities are available in 30,000 bank branches all over the country and work on a batch mode.
RBI explains this scheme as "National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the Scheme." ....Read More
we have following banks ifsc code, micr code details with branch address and contact number,Allahabad Bank, Andhra Bank, Axis Bank,Bank Of Baroda,Bank Of India, Bank Of Maharashtra,Canara Bank,Central Bank Of India,Citibank Na, City Union Bank Ltd,Corporation Bank,Dena Bank,Dhanlaxmi Bank Ltd,Hdfc Bank Ltd, Hsbc, Icici Bank Ltd, Idbi Bank Ltd,Indian Bank, Indian Overseas Bank, Indusind Bank Ltd, Ing Vysya Bank Ltd, Karnataka Bank Ltd, Karur Vysya Bank, Keb Hana Bank, Kerala Gramin Bank, Kotak Mahindra Bank, Punjab National Bank, Reserve Bank Of India, South Indian Bank, Standard Chartered Bank, State Bank Of Bikaner And Jaipur, State Bank Of Hyderabad, State Bank Of India, State Bank Of Mauritius Ltd, State Bank Of Mysore, State Bank Of Patiala, State Bank Of Travancore, Syndicate Bank, Tamilnad Mercantile Bank Ltd, Thane Bharat Sahakari Bank Ltd, The A.p. Mahesh Co-op Urban Bank Ltd., The Ahmedabad Mercantile Co-operative Bank Ltd., The Andhra Pradesh State Coop Bank Ltd, The Federal Bank Ltd, The Jammu And Kashmir Bank Ltd, The Lakshmi Vilas Bank Ltd, The Nainital Bank Limited, Uco Bank, Union Bank Of India, United Bank Of India, United Overseas Bank, Vijaya Bank, Yes Bank Ltd and more banks in India.