imp code

CODES
[1] IFSC (Indian Financial System Code):
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 originating / destination banks /
branches
and also to route the messages
appropriately
to the concerned banks / branches.
For ex: PNBN0014976 :
i. First 4 character PNBN – refers to
Punjab
National Bank.
ii. 0 is a control number.
iii. last six characters (014976) represents
the
PNB branch kurshi Road, Lucknow.
[2] MICR – Magnetic ink character
Recognition :- MICR is 9 digit numeric
code
that uniquely identifies a bank branch
participating in electronic clearing
scheme.
Used to identify the location of a bank
branch.
City (3) Bank (3) Branch (3)
The MICR code is allotted to a bank branch
is
printed on the MICR band of cheques. MICR
used for electronic credit system.
[3] SWIFT Code :- Society for worldwide
Interbank financial tele- communication.
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 – bank code
2 – country code
2 – location code
3 – branch code (optional