Full form of IFSC code is Indian Financial System Code . This code is most fundamental requirement for funds transfer in India. IFSC code uniquely identifies each bank branch participating in the Real Time Gross Settlement (RTGS) and the National Electronic Fund Transfer (NEFT) systems. The 11-character code (IFSC) can be decoded as under :
- the first four alphabetic characters representing the bank name, and
- the last six characters (usually numeric, but can be alphabetic) representing the branch.
- The fifth character is 0 (zero) and reserved for future use.
Similarly , full form os MICR Code is Magnetic ink character recognition code . This is a character-recognition technology used mainly by the banking industry to ease the processing and clearance of cheques and other documents. . The technology allows MICR readers to scan and read the information directly into a data-collection device. Unlike barcodes and similar technologies, MICR characters can be read easily by humans. The MICR E-13B font has been adopted as the international standard in ISO 1004:1995, but the CMC-7 font is widely used in Europe, Brazil and Mexico.