Indian Financial System Code (IFSC).
It is used for electronic payment applications like Real Time Gross Settlement (RTGS), Centralised Funds Management System (CFMS) and National Electronic Funds Transfer (NEFT) developed by Reserve Bank of India (RBI). Code has eleven characters"Alpha Numeric" in nature. First four characters represent bank, fifth character is default"0" left for future use and last six characters represent branch.
Magnetic Ink Character Recognition (MICR Code):
Magnetic Ink Character Recognition is a technology to processing cheques. In cheques whitw area in bottom is called MICR band/line, which have the following details....
1. Cheque Serial No. (6 digits)
2. Sort field or the city/bank/branch code number consisting of nine digits followed by a delimiter. The first three digits represent the city,
the next three indicate the bank and the last three digits signify the branch. The nine digit sort code is unique for any bank branch in the
country.
3. Account number field consisting of six digits followed by a delimiter is an optional field. In the case of Government Cheques issued by
RBI alone, the account number is of seven digits. The Government Account number is 10 digits in length-7 digits occurring in the Account
number field and three in the transaction code field.
4. Transaction code field comprising of two digits in all instruments except Government cheques drawn on RBI which have a 3 digit
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