What is IFSC?The IFS Code stands for Indian financial system code which is an alphanumeric code that uniquely identifies a bank-branch. They are in the two main electronic funds settlement systems in India. The names of those branches are Real Time Gross settlement (RTGS) and the National Electronic Funds Transfer (NEFT) systems. This (IFSC) is an 11-character code with the first four alphabetic characters representing the bank name, and the last six characters (numeric or alphabetic) representing the branch. The fifth character is zero and reserved for future. Bank IFS Code is used by the NEFT & RTGS systems to route the messages to the destination banks/branches. All the banks are advised to print IFSCodes of the branch on cheques issued by branch to customers. For all transactions of banks, their location is compulsory, and through IFSCode the bank is located and able to transact from one to another.
Indian financial system code (IFS Code) is used as the address code in one user to another. The Indian financial system code (IFSC) is used by RTGS and NEFT systems of (RBI) Reserve Bank of India . Reserve Bank of India (RBI)is fully owned by government.
Every bank have its unique IFSCode. It was established in April 1, 1935 and nationalized in 1949.
The RTGS stands for Real Time Gross Settlement. It is an fund transfer system. It is used to transfer money from one bank to another.
The NEFT stands for National Electronic Fund Transfer. NEFT is supported by RBI. It is an online national-wide fund transfer system. It is used to transfer payment electronically. It is used by an firm or an individual.
Magnetic Ink Character Recognition Code (MICR)The MICR stands for Magnetic Ink Character Recognition Code, It have 9 digits, appearing at the bottom of the cheque, following the cheque number like380002006. Every bank have its unique MICR code. It is usually used by banks to make easy the process and clearance of cheques and other documents. it is called MICR line. It is shown at at the bottom of cheques and other vouchers. It includes the document, bank code, bank account number, cheque number, cheque amount and control indicator. The technology (MICR) allows to scan and read the information directly into a data-collection device. It has been adopted as the international standard in ISO. MICR characters is read by humans easily.
There are two major MICR fonts E-13b and CMC-7. It has a 14 character set, while CMC-7 has 15_the 10 numeric characters, plus control characters. It is a standard in Australia, Canada, the United Kingdom and other countries. It is printed on a document in either of the MICR fonts. The MICR text is passed before a tape recorder. The ink which is used in printing is a magnetic ink or toner, usually contains iron oxide. It allows the characters to be read reliably even if they have been overprinted or obscured, such as cancellation stamps. The MICR technology is adopted by many countries. In the 1960s,the MICR fonts became a symbol of futurism.
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