Full Â form of IFSC code is Indian Financial System Code Â . This code is most fundamental requirement for Â funds transfer in India. IFSCÂ code uniquely identifies each bank branch participating in Â the Real Time Gross Settlement (RTGS) and the National Electronic Fund Transfer (NEFT) systems. The Â 11-character code (IFSC) Â 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 Â Â Magnetic ink character recognition codeÂ . ThisÂ Â 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.