IFSC Code (The Indian Financial System Code) is an alphanumeric code which is used to transfer electronic funds in India.
IDBI BANK LOHAGHAT 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 :
IDBI BANK LOHAGHAT ifsc code : IBKL0768P04 is 11 digit Unique IFSC Code.
First 4 characters represents Bank Code : IBKL for Bank : IDBI BANK
5th character is Zero and it is reserved for future reference
Last 6 characters represents Branch Code : 768P04 for Bank Branch PITHORAGARH ZILA SAHKARI BANK
Anatomy of a Cheque
The above image represent cheque format which locates IFSC Code and MICR Code in Red Box
MICR code for idbi bank lohaghat 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 IDBI BANK : 262813004 is 9 digit Unique MICR Code.
First 3 digits represents CityCode Code : 262 for City : LOHAGHAT
Middle 3 digits reprents Bank Code: 813 for Bank : IDBI BANK
Last 3 digits represents Branch Code : 300 for Bank Branch PITHORAGARH ZILA SAHKARI BANK
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