IFSC Code (The Indian Financial System Code) is an alphanumeric code which is used to transfer electronic funds in India.
THE NASIK MERCHANTS COOPERATIVE BANK LIMITED AHMADNAGAR 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 :
THE NASIK MERCHANTS COOPERATIVE BANK LIMITED AHMADNAGAR ifsc code : NMCB0000035 is 11 digit Unique IFSC Code.
First 4 characters represents Bank Code : NMCB for Bank : THE NASIK MERCHANTS COOPERATIVE BANK LIMITED
5th character is Zero and it is reserved for future reference
Last 6 characters represents Branch Code : 000035 for Bank Branch AHMEDNAGAR
Anatomy of a Cheque
The above image represent cheque format which locates IFSC Code and MICR Code in Red Box
MICR code for the nasik merchants cooperative bank limited ahmadnagar 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 THE NASIK MERCHANTS COOPERATIVE BANK LIMITED : 414369001 is 9 digit Unique MICR Code.
First 3 digits represents CityCode Code : 414 for City : AHMADNAGAR
Middle 3 digits reprents Bank Code: 369 for Bank : THE NASIK MERCHANTS COOPERATIVE BANK LIMITED
Last 3 digits represents Branch Code : 900 for Bank Branch AHMEDNAGAR
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