List of IFSC code, MICR code and addresses of all banks in India are collected from www.rbi.org.in
The Indian Financial System Code, better known as the IFSC code, is an alphanumeric code.
This code innovatively identifies a bank branch that participates in two of the major electronic
funds settlement in the country, RTGS and NEFT. This 11 character code has its
first four letters representing the bank and the last 6 letters representing a particular branch.IFSC codes are really important in today’s time as they aid in making and receiving payments through
several methods including IMPS, NEFT and RTGS. IMPS or Immediate Payment Service is one of the
fastest inter branch money transferring service through mobiles which makes use of the IFSC code to
ensure that the funds are transferred/received by the right person.
IFSC codes are used in a similar way in the case of NEFT and RTGS transfer.
IFSC codes are one of the most essential aspects of validating banking transactions. With the right
knowledge of the IFSC code, you’re able to make transactions or receive payments online. A number of
banking institutions in India use the IFSC code to carry out RTGS and NEFT transfer for streamlining and
identifying monetary transactions between different bank branches and accounts.
MICR basically stands for Magnetic Ink Character Recognition technology. This modern
technology is utilized for verifying the originality or legitimacy of paper documents
like cheques in banks. The MICR technology is as useful as IFSC codes that secure NEFT
and IMPS transfer methods.
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