MICR (Magnetic Ink Character Recognition), is a technology used to recognize a character. Character Recognition methodology is excessively used in our banking industry to simplify the processing of cheques. These MICR codes are identified by the RBI to spot the respective branch and facilitate the clearing process. Beneath every cheque, a branch specific code is imprinted in special typefaces and these are stated as MICR characters. A magnetic ink or toner, containing iron oxide is used for the printing purposes.
IFSC (Indian Financial System Code) is an alpha numeric eleven character code. It is used for identifying the bank and branch which holds the particular account. Albeit, all branches don’t have IFSC Codes, the prominent use of IFSC code is in the fund transfer systems.
§ National Electronic Funds Transfer, NEFT- electronic transfer of funds much like e-cheques
§ Real Time Gross Settlement, RTGS- the continuous one by one settlement of funds transfers
§ Immediate Payment Service or Interbank Mobile Payment Service, IMPS- fund transfer services instantly in a round the clock environment.
The simplest way to get MICR/IFSC Code for a particular branch of a Banks in India is to start by the Bank you are looking for. You can further sort List of MICR/IFSC Codes by State, District and City, few initial characters of Branch Name, Locality or address.
