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Please select Bank Name / State Name / District Name or Enter City Name to find
out the Bank Details such as IFSC, MICR, Contact Address, etc.
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RTGS (Real Time Gross Settlement) are funds transfer systems where transfer
of money or securities takes place from one bank to another on a "real time" and
on "gross" basis. Settlement in "real time" means payment transaction is not subjected
to any waiting period. The transactions are settled as soon as they are processed.
"Gross settlement" means the transaction is settled on one to one basis without
bunching or netting with any other transaction. Once processed, payments are final
and irrevocable.
NEFT (National Electronic Fund Transfer) is a nation-wide system that facilitates
individuals, firms and corporates to electronically transfer funds from any bank
branch to any individual, firm or corporate having an account with any other bank
branch in the country. For being part of the NEFT funds transfer network, a bank
branch has to be NEFT-enabled. As at end-January 2011, 74,680 branches / offices
of 101 banks in the country (out of around 82,400 bank branches) are NEFT-enabled.
Steps are being taken to further widen the coverage both in terms of banks and branches
/ offices.
IFSC (Indian Financial System Code) is an alpha-numeric code that uniquely
identifies a bank-branch participating in the NEFT system. This is a 11 digit code
with the first 4 alpha characters representing the bank, and the last 6 numeric
characters representing the branch. The 5th character is 0 (zero). IFSC is used
by the NEFT system to route the messages to the destination banks / branches.
MICR (Magnetic Ink Character Recognition) is a character recognition technology
used primarily by the banking industry to facilitate the processing of cheques.
The technology allows computers to read information (such as account numbers) off
printed documents. Unlike barcodes or similar technologies, however, MICR codes
can be easily read by humans.
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