Nkgsb Cooperative Bank Limited Maharashtra IFSC Code: All Branches Address in India

(IFSC is Indian Financial System Code ) It is a 11-digit alphanumeric code that is used for NEFT, RTGS and IMPS fund transfers. IFSC CODE of all banks are assigned by the Reserve Bank of India (RBI). Each code is a unique one and helps in the identification of a specific bank branch.

The first four digits of the IFSC code represents the name of the bank, while the fifth digit is ‘zero’ (0), which is reserved for future use. The last 6 digits denote the name of the specific bank branch. For example, the SBI IFSC code of the SBI bank branch in CHANDNI CHOWK, DELHI is SBIN0000631.

IFSC code is mandatory for fund transfers initiated through net banking. To know the IFSC code of a particular bank branch, you can look it up online. This 11-digit code is also printed on the cheque leaf that is issued by the concerned home bank branch.

IFSC code :

• Helps uniquely identify a specific bank branch
• Helps eliminate errors in the fund transfer process
• Used for all electronic payment options such as NEFT, RTGS and IMPS

The full form of IFSC is Indian Financial System Code.

• Why is IFSC used?

IFSC or Indian Financial System Code is an alphanumeric code that is used to identify a bank branch. It is required to transfer money from one bank account to another using electronic fund transfer modes such as NEFT, IMPS and RTGS.

• How to search for bank name by IFSC code?

It is very easy to find the bank name using IFSC code. The first four characters of IFSC code represents the bank name. So, if the bank name is HDFC, then the IFSC code will look something like HDFC0001392.

• Locate IFSC and MICR Code on a Bank Cheque

Find IFSC Code in a Bank Cheque:On a typical bank cheque, the IFSC code is compulsorily listed though the location of the same on the cheque leaf will differ from bank to bank.
In our example image: we are displaying the location of the IFSC code on a HDFC Cheque.

Find MICR Code in a Bank Cheque: This is displayed next to the cheque number on cheques offered by all banks in India.

Both Cheque number and MICR Code are displayed in a unique font and ink, and the latter can only be picked up by a Magnetic Character Ink Reader.

• What is the meaning of MICR code?

The full form of MICR is Magnetic Ink Character Recognition technology. The primary need for this innovation is to authenticate the originality and legality of paper based documents in the banking system and is majorly used on cheques. In terms of their real-world importance, MICR stands on par with IFSC where transfer of funds using NEFT or IMPS is concerned.

MICR code imbibes the cutting-edge character recognition technology that is used by banks to authenticate the clearance of cheques and other such documents. MICR code itself can be seen placed on the bottom strip of the cheque and includes such details as the bank code, account details, cheque number and amount, alongside a control indicator. The principal advantage of this system is that unlike similar concepts like barcodes, MICR can be easily distinguished and read by humans.

• What is the use of MICR code?

MICR is a technology that helps in verifying the originality of cheques or other paper documents. It is used mainly by banks to process cheques faster. The MICR code helps RBI in identifying the bank branch.