IFSC Code (The Indian Financial System Code) is an alphanumeric code which is used to transfer electronic funds in India.
KARUR VYSYA 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 :
KARUR VYSYA BANK MADHYA PRADESH ifsc code : KVBL0002301 is 11 digit Unique IFSC Code.
First 4 characters represents Bank Code : KVBL for Bank : KARUR VYSYA BANK
5th character is Zero and it is reserved for future reference
Last 6 characters represents Branch Code : 002301 for Bank Branch INDORE
Anatomy of a Cheque
The above image represent cheque format which locates IFSC Code and MICR Code in Red Box
MICR code for karur vysya 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 KARUR VYSYA BANK : 452053002 is 9 digit Unique MICR Code.
First 3 digits represents CityCode Code : 452 for City : INDORE
Middle 3 digits reprents Bank Code: 053 for Bank : KARUR VYSYA BANK
Last 3 digits represents Branch Code : 300 for Bank Branch INDORE
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