IFSC Code (The Indian Financial System Code) is an alphanumeric code which is used to transfer electronic funds in India.
GS Mahanagar Co-operative Bank Limited, Mumbai ifsc code is a Unique code which identifies each bank branch. The main purpose of IFSC Code is to participate each bank branch in the two main payment and settlement systems in India.
1) RTGS : Real Time Gross Settlement 2) NEFT : National Electronic Fund Transfer
For Example :
GS Mahanagar Co-operative Bank Limited, Mumbai ifsc code : MCBL0960002 is 11 digit Unique IFSC Code.
First 4 characters represents Bank Code : MCBL for Bank : GS Mahanagar Co-operative Bank Limited, Mumbai
5th character is Zero and it is reserved for future reference
Last 6 characters represents Branch Code : 960002 for Bank Branch CARNAC BUNDER
Anatomy of a Cheque
The above image represent cheque format which locates IFSC Code and MICR Code in Red Box
MICR code for gs mahanagar co-operative bank limited, mumbai represents Magnetic Ink Character Recognition technology which is printed on cheques. This MICR Code is used for the identification of the cheques for faster processing.
MICR Code is a Unique code which identifies each bank branch. The main purpose of MICR Code is to participate each bank branch in an Electronic Clearing System (ECS).
MICR Code for GS Mahanagar Co-operative Bank Limited, Mumbai : 400096002 is 9 digit Unique MICR Code.
First 3 digits represents CityCode Code : 400 for City : MUMBAI
Middle 3 digits reprents Bank Code: 096 for Bank : GS Mahanagar Co-operative Bank Limited, Mumbai
Last 3 digits represents Branch Code : 600 for Bank Branch CARNAC BUNDER
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