IFSC Code (The Indian Financial System Code) is an alphanumeric code which is used to transfer electronic funds in India.
PUNJAB NATIONAL BANK MADHYA PRADESH 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 :
PUNJAB NATIONAL BANK MADHYA PRADESH ifsc code : PUNB0002700 is 11 digit Unique IFSC Code.
First 4 characters represents Bank Code : PUNB for Bank : PUNJAB NATIONAL BANK
5th character is Zero and it is reserved for future reference
Last 6 characters represents Branch Code : 002700 for Bank Branch ASHOK NAGAR
Anatomy of a Cheque
The above image represent cheque format which locates IFSC Code and MICR Code in Red Box
MICR code for punjab national bank madhya pradesh 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 PUNJAB NATIONAL BANK : 473024076 is 9 digit Unique MICR Code.
First 3 digits represents CityCode Code : 473 for City : ASHOK-ASHOK NAGAR (M.P.)
Middle 3 digits reprents Bank Code: 024 for Bank : PUNJAB NATIONAL BANK
Last 3 digits represents Branch Code : 407 for Bank Branch ASHOK NAGAR
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