CODES USED IN BANKING

[1] IFSC (Indian Financial System Code):
Indian Financial System Code is an alpha-numeric code that uniquely identifies a bank-branch participating in the NEFT system.
This is an 11 digit code with the first 4 alpha characters representing the bank, The 5th character is 0 (zero).and the last 6 characters representing the bank branch. For ex: PNBN0014976 :
 i. First 4 character PNBN – refers to Punjab National Bank.
ii. 0 is a control number.
iii. last six characters (014976) represents the PNB branch kurshi Road, Lucknow.


[2] MICR – Magnetic ink character Recognition :-
MICR is 9 digit numeric code that uniquely identifies a bank branch participating in electronic clearing scheme. Used to identify the location of a bank branch. City (3) Bank (3) Branch (3) The MICR code is allotted to a bank branch is printed on the MICR band of cheques. MICR used for electronic credit system.

 [3] SWIFT Code :-
Society for Worldwide Interbank financial tele-communication India was 74th Nation to join SWIFT Network. SWIFT Code is a standard format of bank Identifier code. This code is used particularly in International transfer of money between banks. A majority of FOREX related message are sent to correspondent banks abroad through SWIFT.
SWIFT Code consist 8 or 11 character when code is 8 digit,
It is referred to primary office
4 – bank code
2 – country code
2 – location code
3 – branch code (optional)