IFSC Code (The Indian Financial System Code) is an alphanumeric code which is used to transfer electronic funds in India.
PRAGATHI KRISHNA GRAMIN BANK 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 :
PRAGATHI KRISHNA GRAMIN BANK ifsc code : PKGB0010516 is 11 digit Unique IFSC Code.
First 4 characters represents Bank Code : PKGB for Bank : PRAGATHI KRISHNA GRAMIN BANK
5th character is Zero and it is reserved for future reference
Last 6 characters represents Branch Code : 010516 for Bank Branch ABBALUDU
Anatomy of a Cheque
The above image represent cheque format which locates IFSC Code and MICR Code in Red Box
MICR code for pragathi krishna gramin bank 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 PRAGATHI KRISHNA GRAMIN BANK : 562697511 is 9 digit Unique MICR Code.
First 3 digits represents CityCode Code : 562 for City : SIDLAGHATTA
Middle 3 digits reprents Bank Code: 697 for Bank : PRAGATHI KRISHNA GRAMIN BANK
Last 3 digits represents Branch Code : 751 for Bank Branch ABBALUDU
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