About posting bank branch details

Posted Date: 08 Dec 2009 Posted By:: N K Ravishankara

Member Level: Diamond Member Rank: 2 Points: 1 Responses: 2

It is seen while posting bank details in Business Directory only address of branches were found, it will more precise and helpful if the IFSC and MICR codes too should be posted along with bank branch details.

Hence members should post those branches which have IFSC and MICR codes were available, few branches may not be having MICR codes, but member can mention 'Non MICR' for such entries and also it will be more helpful if the Email id of the branch too should be posted along with phone numbers and pin codes.

N K Ravishankara

Responses

#484 Author: Roy George Member Level: Gold Member Rank: 15 Date: 18/Jun/2010 Rating: 2 out of 5

Points: 0

Could you please explain what is IFSC & MICR code ?

#486 Author: Pradeep Narayan Member Level: Gold Member Rank: 8 Date: 18/Jun/2010 Rating: 2 out of 5

Points: 3

Dear Roy,

Full form of IFSC is Indian Financial System Code. It is the code used to identify the bank and branch while paying to particular account through different modes in India.

MICR means Magnetic Ink Character Recognition. It is a 9 digit code printed on all the cheques issued by any bank in India. The code is unique for each bank or branch of a bank. MICR is useful for processing the payments issued through cheques.

Pradeep

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