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Find IFSC Code & MICR Codes of All Banks in India

How Can You Find the IFSC Code Using the Goodreturns.in?

All you need to do is know the name of your bank and branch. Just use the box to enter the bank name and select the branch accordingly. The drop down list will then help you find the correct IFSC Code of your bank branch. You can also get the complete details of all the branch by entering Bank IFSC & MICR Codes.

Popular Banks in India for IFSC Code

Other Banks in India for IFSC Code

What Is IFSC Code?

IFSC Code is one of the most important character codes that an individual should know or preserve in order to facilitate, electronic clearing systems (ECS), NEFT or RTGS. It consists of alpha and numeric characters which is assigned by the Reserve Bank of India (RBI) and helps to identify every bank branch in the country through this code. This helps in any form of payments electronically.

Read also Significance of IFSC Code.

What Can You Use the IFSC Code For?

You can use the IFSC code to facilitate transfer through the National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS). These are mechanisms to transfer money quickly within the same day without the use of cheques.You can first scroll down the list to find the IFSC code of the bank and branch you wish. You can then approach your bank with the IFSC code and the name of the payee to facilitate transfer. Those who are doing an online transfer through the net can use the same mechanism by keying in the IFSC code and the name of the payee.

Read also Difference between IFSC & Swift Code Funds Transfer.

What is MICR Code?

MICR code is also called the Magnetic Ink Character Recognition, and you can see the same on your cheque leaf.The function of the MICR code is largely to help in the faster processing of cheques and to enable their encashment.Each branch of a bank has a unique MICR code that helps to identify a particular branch no matter where it is located.

Read also Difference between IFSC & MICR Code.

What is NEFT (National Electronic Fund Transfer system)?

The National Electronic Fund Transfer is also called NEFT. It is a mechanism for transfer of funds online thus eliminating altogether the need for cheques.The transfer of funds through NEFT can be initiated in just a few hours for which your IFSC code is a must. Generally smaller sums are transferred through the NEFT while larger sums are done through the RTGS route.

Read also Difference between RTGS, NEFT & IMPS .

What is RTGS (Real -Time Gross Settlement)?

Real -Time Gross Settlement (RTGS) like NEFT is also a mechanism to transfer funds online. However, it is much faster and can be done quicker. The amounts involved are much larger than the NEFT. Settlement of amounts can be done rather quickly through the RTGS mechanism.

Read also Get More Information On RTGS .

What is IMPS (Immediate Payment Service)?

The Immediate Payment Service as the name suggests is a mechanism to transfer payments instantaneously. In fact, the beneficiary account is credited instantly once the instruction for transfer is made.You could transfer amount within banks as well. At the moment all banks are not offering this service.

Read also How to transfer funds instantly through IMPS .

Importance of IFSC Codes

IFSC Codes are extremely important as without the same, you cannot transfer or remit money. In India, the ISFC codes is important for transfer and remitting money. The most important thing that you need to do when transfering money is to check the IFSC codes a number of times. This would ensure that the amount reaches the beneficiary without any handicaps or concerns. We suggest that you follow the bank branches and their IFSC codes that are given on the portal. We have created a very friendly way in which you can view and check the IFSC codes. Almost all of the banks have been covered in the list, including the more recent payment banks like Airtel Bank. These banks offer you a higher interest rate then most other banks in the city. The good thing with the IFSC Codes are that now it is possible to remit money to even the most remote corners of India. In fact, if you are looking to check the IFSC codes, also do check our bank holidays list as well. This is because, even if you have the IFSC codes, you cannot remit money on a bank holiday. So, make sure that you be careful. In any case even if the amount is not remitted you would well receive the money back, so you need not worry too much.

Which are the list of banks with IFSC Codes?

The answer to this is simple. Today, all of the banks in India have IFSC codes and there is no restrictions. SBI IFSC Codes, ICICI Bank IFSC codes, HDFC Bank IFSC Codes, PNB IFSC codes, Bank of India IFSC Codes, Andhra Bank IFSC codes are all availabe on our website. In fact, we now have now listed all the banks that are available for the IFSC codes. We have created a very friendly and easy to use website where you can easily view the list of IFSC codes.

How long does it take for IFSC transfer?

After you get the IFSC code and want to transfer money, the next important thing would be to worry about how long it takes for an IFSC transfer. Normally, the time taken is just a few minutes, because as the name signifies, it is real time gross settlement, which means the amounts have to be settled in real time. However, occasionally it might take longer than usual. Before remitting money through this mechanism you must cross check the IFSC code of the branch written is correct or not. If it is then you can be rest assured that your amounts would be credited to the beneficiary account. the one good thing of remitting through the IFSC is that though it is costly, you are rest assured that the amounts would be credited. You must also understand the difference between an IFSC code and NEFT before you desire to remit amounts. Please remember that only small amounts can be sent through NEFT, while larger amounts can be sent through the RTGS. It is also not possible to make online payments through this mechanism and you would have to look at physically coming to the bank to make the payments. This is also helpful and easy mechanism.

What happens if amount not credited to the account?

So, you take the IFSC Code and use it to remit money. But, what if the account is closed or the account has been frozen? What happens in that case? In such an event, what does happen is that the amount is once again credited to the account from where it was debited in the first place. So, the question that individuals always ask is how long do I need to wait before the amount is returned back. Under normal circumstances if your IFSC code and other things are correct, you need not worry and the amount would be returned back within a few hours. However, if it is not returned back then you should contact the branch from where you sent the money in the first place. As mentioned earlier, you need to wait for a couple of hours at least, before you take a decision to approach the bank. Also, use the mobile banking service to know if the amount has been received or not. This is not only helpful but also desirable. Use also a place where you get updated and reliable IFSC code.

How to transfer money using IFSC Code?

There are three ways in which you can transfer money using IFSC Code. The first is the NEFT, RTGS and IMPS. Now, to send money through any of these mechanisms, you have to first visit your bank and register for internet banking. That should not take time and it should be a fast process. Thereafter, you need to check the IFSC Code and confirm the same. Once that process is complete you can register a beneficiary. Now if you want to send money to this beneficiary using the IFSC Code, you can send each time or every month.  However, if there is a new beneficiary, you need to register the same, before you make a transfer of fund. For all the possible details you can visit the branch of the bank. However, as mentioned earlier the need for a internet banking account is a must.

Using IFSC Codes for NEFT and RTGS

Those remitting money always ask the question, whether the IFSC codes for NEFT and RTGS is the same. The answer is that it is. This one code is used for both RTGS and NEFT transfer. In fact, this is one code that is used for any type of transfer that you wish to engage in. you have to also take into account that you should visit a website that offers you very reliable way to check the IFSC code. This would ensure that the amount that is being remitted has not bounced back. We suggest that you visit the goodreturns.in website to ensure that the information with regards to the IFSC code that you are using is correct. This would avoid complications with regards to the money being remitted being returned back. The IFSC codes are also valid for RTGS and NEFT transfer and not only for one. The difference between the two, is that with the former larger amounts can be sent, while it is not the case with the first. If you are having smaller amounts to send, you should use the NEFT and if you are having larger amounts you should use RTGS. You can also send money from abroad using the RTGS mechanism.

How to search IFSC Codes of banks?

When you want to search the IFSC codes of bank it is not too difficult. All you need is the name of your bank and the area. On our website you can search for the bank IFSC Code very easily. All you need to do is insert the name of your bank and the branch and it would throw up the IFSC Code. This code can also be used for remittance of money from abroad. Remember you cannot remit any money online unless you have this code. If you do not have then your only other option is to use a cheue to send and receive the IFSC Codes.

 What happens if the IFSC Codes is wrong?

If the ISFC Code is wrong then there are chances that your money would not be remitted. In that case the remitting bank would return your money undelivered. It should take a couple of hours before the money comes back into your account. At all times it is important to make sure that you are remitting with the current account number. But, there can always be a catch. For example, is an account is frozen then there is no way the amount would be transferred even if you have the right IFSC Code. In case you do not receive the money, you have to contact your bank branch which would guide you further. In all cases it is important that you check and do your job. These days the new banks like the payment banks also take a look at the IFSC codes. Many government and private sector banks also start new branches. It is important to check these codes as well before you remit. All branches of state banks or otherwise have their own codes. The unique IFSC code is applicable to each and every branch of the bank. Only larger amount have to be transferred through RTGS, while the lower amounts can be sent by NEFT.

What is the full form IFSC? How does this code help?

Firstly, IFSC full form is Indian Financial System Code. It is like an identification code for a bank branch for doing an online transaction. This code will be alpha-numeric and contains 11 characters in it.

This code is mostly used in Online transactions such as NEFT, IMPS, and RTGS.

In this eleven characters code, there will be four alphabets then the remaining will be numbered, and of that, the fifth character will be a numeric zero. Sixth and seventh characters will be mostly zero's the remaining four digits represents the Bank Branch Code.

To understand better lets check IFSC codes of few major Banks in India.

State Bank of India (SBI) Jayanagar Banglore IFSC Code is SBIN0002950. If we observe the code clearly in this, the first four characters are alphabets SBIN; This represents the bank short name in it. The fifth character is zero, and the last four characters are SBI Jayanagar Branch code.

ICICI toil chowki Hyderabad IFSC code is ICIC0001124. In this the first four characters are ICICI and this represents that this belongs to ICICI Bank. Fifth character will be a numeric zero and the last four digits 1124 is the branch code of ICICI bank brach Tolichowki.

HDFC Sandoz House branch Mumbai IFSC Code is HDFC0000240. The first four characters of the code is HDFC which clearly represents this code belongs to HDFC. If we observe of last four characters first character is zero. Few banks have three digit branch code like this branch of HDFC.

Kotak Mahindra bank took over ING Vysa Bank. Before took over ING Vysa bank the first four letters of IFSC code used to be vysa. So after Kotak acquired the first four letters of the bank is now KKBK and the branch codes of all the Vysa banks is also after the merging.

What to check when sending money using IFSC Codes?

There are many things that you should check when sending money through IFSC. The first nd foremost is the IFSC codes themselves. in fact, you should re-check and double check if the numbers that you have keyed in is correct. If not, there are chances that the money may come back undelivered. The other thing that you should be checking is the name of the account holder. As mentioned earlier, we have provided a detailed list of the IFSC Codes by bank for your convenience. You can also check our IFSC Code using the  state wise list. So, what you can do is go state wise to locate the IFSC codes or go bank wise to locate them. In any case we have regularly updated these codes for the perusal and consideration of our valuable readers. Make sure that you use them to ensure that you send the amounts correctly to the beneficiary account. There is nothing better than ensuring that the amounts reach correctly to these accounts. One thing that we also need to mention is that make sure you right the correct amount before you send. You also need to verify the same once again.

Understanding the use of IFSC Code for IMPS transfer

Today, you cannot do transfer of money through NEFT, RTGS or through  'IMPS', if you do not have an IFSC code. IMPS stands for Immediate Payment Service and it is commonly known as Interbank Mobile Payment Service. This also uses IFSC Code and the beauty of this service is that transfer can be done throughout the day. For those using the mobile this has become one of the most popular means of sending and receiving money. If you have never tried sending and receiving money through this mechanism it is time that you start using this. You can use this to send from any bank, provided you download and use the IMPS app. Most of the banks in the country now have this facility, which is not a bad proposition in itself.  It does away with the more traditional use of laptops and desktops for sending and receiving money.

Different places where you can find IFSC codes?

You can find the IFSC Codes at different places. The best place to check the IFSC codes is on your check book. It is mentioned very clearly here and you could also get an idea from your bank passbook. These are the right places to find the IFSC codes. Besides these, there are a number of other places, like websites that give you a list of all the IFSC codes and the branch list. Today, one cannot remit money electronically without this list. So the best place would be to look for the list here. As we have mentioned time and again, you need to cross verify each time you send money using the IFSC codes. It is also important to make sure that you have the latest list of the IFSC code and not an outdated one.

Difference between IFSC Codes and MICR?

There are so many mechanisms to send and receive money that it often leaves us confused on the new terms that have fast emerged. Among the new terms are IFSC codes and the MICR. While the MICR is found on the bottom of the cheque it is called the MICR Code and is called the Magnetic Ink Character Recognition. This is largely for ensuring the safety of instruments like the cheque and the demand draft. The IFSC Codes is a completely different model, largely to do with NEFT and RTGS transfers. These both are electronic mechanism to transfer money and it is much needed for both these ways to send and receive money.

The one thing that we need to mention is that while one is more of a physical mechanism to send and receive money.

How to send money using IFSC Code?

After you have got the list of bank IFSC Code, you can proceed to send the money using them. However, you need to do the following:

1) Register for net banking with your bank

2) Once you have done that you need to register a beneficiary account. Make sure when you are doing the same, the beneficiary account is the same.

3) The bank may take sometime to register the beneficiary account and this largely varies from bank to bank.

4) Once you are done registering the account, you can send money using NEFT and RTGS.

It is important to check the details of the IFSC Code before you send the money. Many banks allow you a dropdown, which shows you the exact code of the bank and the branch. The good thing about this mechanism is that it eliminates mistakes and gives you a very precise account number. For new bank accounts, you need to check the list and familiarize yourselves with the same.

Can IFSC Codes be used to remit money from abroad?

Yes, you can use the IFSC Codec to remit money from abroad. Typically, when you are abroad, you would either remit money through the RTGS mechanism. This is because you need to send the money through the Real Time Gross settlement mechanism, using the IFSC Codes provided by the Reserve Bank of India IFSC Codes. As you may know under the RTGS the amounts are settled in real time. So, once you check the IFSC Codes the amounts are transferred quickly and in real time. In case you have a delay in receiving the said amounts you can contact your nearest branch and inform them of the delay in receiving the amounts through the RTGS mechanism.

Today, the RTGS system to send and receive money is used more often for remitting larger amounts of money, while NEFT is used for smaller amounts. In any case both are the ways to send and receive money.

Contacting the customercare department for the IFSC Codes

In case you are unable to find the IFSC Codes of the banks in India, the best thing that you can do is contact the customers care of the bank, who should be able to guide you in this regard. It is very important to remember that there are various mechanisms these days to get your IFSC Codes. The government after realizing the importance of IFSC Codes and remitting money through the NEFT and RTGS decided on this solid mechanism of remittance. Today, this has almost eliminated the need of cheques and that is gradually paving the way for far more need for cheque books.

What is the RBI role in allocating IFSC Codes?

The significance of the RBI's role in allocating IFSC Codes cannot be understated. In fact, India's central bank has played a very key role in shaping the way electronic banking has shaped up in the country and were it not for the RBI, it is difficult to see how the country would have transform to electronic remittances so fast. In fact, the RBI allocates the IFSC Codes to the various branches of banks, including the new banks like the payment banks in the country. So, if you are having a new branch it would be best to enquire with the RBI for the IFSC Codes.

Is MICR Code and IFSC code same?

No MICR and IFSC code are different. One cannot key in MICR in place of IFSC code. MICR code means magnetic ink character recognition code and IFSC code means Indian Financial System Code. These two are different codes. Already about the IFSC code is explained above, and about MICR Code will be as follows.

MICR Code is a nine-digit numeric code and to understand how a bank gives an MICR to each branch we need to break the code into three parts.

In which the first three digits of the MICR Code represent the place code. If we see for Delhi, it is 110. Whichever bank you check the first three digits of the MICR code in Delhi will be 110.

Next three digits which mean the fourth, fifth and sixth digit of MICR Code explains which bank MICR Code it is. If we see for HDFC, it is 240. If we check the MICR Code of whichever branch in India. Fourth, Fifth and Sixth digit will be 240.

The last three digits represent the bank branch code this number will be different for every single bank and every single branch.

MICR Code is for Cheque clearing process. This code helps in faster processing of cheques whereas IFSC Code is for processing of NEFT, RTGS, UPI and IMPS transactions.

What if you get the incorrect IFSC Code?

If you get your IFSC Code incorrect, it may be time to get it corrected. In fact, if you do not, there are bright chances that the remittance amount may not be sent. The one good thing is that when you get the IFSC Code registered for transferring money to a beneficiary, it would quickly not register, because you have placed a very incorrect code. It is important that you contact the branch for details to ensure that you have the correct details with you. Nowadays there are many banks in the country, that would facilitate beneficiary accounts within a few hours, while some would still take a day or two to register. It really depends on individual banks to process it faster and faster. Technology has also changed and the hopes are that we evolve things quickly and faster. Certain branches in rural areas, have to still be linked with NEFT and RTGS and hence have to be still awarded a IFSC Code for the purpose.

For what all banking services IFSC Code is Required?

Indian Financial System Code or IFSC code is an eleven alphanumeric characters code issued by the Reserve Bank of India to simplify banking. The main function of the IFSC Code is it helps in specifically which banks account your want to do the transaction with. This eleven alphanumeric characters code contains details such as which bank is that, In which city the bank and which branch is it. IFSC Code is helpful in various electronic money transfer methods such as:

NEFT (National Electronic Transfer Method)
RTGS (Real Time Gross Settlement)
IMPS (Immediate Payment Service)
UPI (Unified Payment Interface)

Of the above processes for NEFT and RTGS, you need to register the beneficiary. First, you need to give the account number and IFSC Code then once it will get approved from the bank side. Then you can send money to the beneficiary.

When it comes to IMPS and UPI, you don't need to add any recipient. All you need to do is enter the account number and IFSC code of the person whom you want to send money enter the amount and send.

In UPI there is the method where you will not need the IFSC code or even the account number of the beneficiary. As there will be an option called VPA where all you need the key in is the VPA of the Beneficiary.

IFSC Code of SBI, PNB and others

When searching the SBI IFSC Code, you should search with the city and the branch. To begin with you would always get the SBI IFSC Code as SBIN. Then we would get the specific branch ID code, with which we could locate the particular state and branch. Similarly, when you search for the IFSC Code of PNB. In fact, this is true for all of the IFSC branch codes and not for any particular bank.  So, if you are locating, you can do it for all of them. Among the popular banks where you can find the codes of branches includes ICICI Bank, State Bank of India, Union Bank of India, Punjab National Bank, Canara Bank, Andhra Bank, Bank of India IFSC Code etc.

There is no chance of the codes changing, so once you have checked for the same you can carry on using the same all through. Always look to buy remit only through NEFT, RTGS using the IFSC Code, which is reliable and transparent.

How Cheques have made way for RTGS and NEFT transfer?

The ability to send and receive money through NEFT and RTGS has helped the IFSC Code. Today, within a few minutes using IFSC Code this has been facilitated and we can send and receive money. However, you need to be careful and cross verify the IFSC Code time and again. This would ensure that we can complete the process faster. Never send and receive money without taking a look at the IFSC Code. It is would be very easy to spot mistakes, in case you know how the system works.

Is Swift Code and IFSC Code Same?

No, both codes are different. A SWIFT code identifies particular banks worldwide. IFSC code is to determine a particular Bank in India. IFSC code is a 11 digit alphanumeric code. The swift code consists of 8 or 11 alphanumeric code. Swift Code is a format of Bank Identifier Codes (BIC). The full form for Society for Worldwide Interbank Financial Telecommunication. Both codes are used when transferring money between banks.

Particularly in the swift code will be first four characters is bank code, Next two characters are the country code, Next two characters are location code, Last three characters are bank code. Taking swift code for ICICI Bank Kochi particularly. The swift code for the branch is ICICINBB010 of which the first four characters are ICIC which represents the bank name. The next two characters IN which means India. BB is the location for Kochi and the last three digits represent the bank code.

Swift codes are for International transaction only not for the other transaction. Not all the banks branches will have swift code. Only few banks selected bank branches will have swift code. In metropolitan cities such as Banglore, Hyderabad and etc., will have swift code for multiple branches of same bank.

Latest Updates on IFSC Code

Is IFSC Code required while sending money from Paytm to Bank?

Yes, IFSC Code is required to send money to your bank from Paytm Wallet. There are different processes for sending from your wallet to bank. Here is one of the processes for sending money from Paytm Wallet to you Bank Account.

First login to your Paytm Account using the mobile application or open Paytm website on your desktop and visit Paytm website and log in to your account.

After logging in, there will be multiple options such as pay, Add money, passbook, etc. Of which you need to select Passbook option.

In Passbook option, it will show all the transaction you did and also the balance you are having in your Paytm Wallet. There will be an option there to send money to your bank, select that option.

After choosing a screen comes up asking your account details such as the beneficiary name, Bank Name, IFSC Code, Remarks, etc. There you need to fill all the details. There once you select the bank name, the first four alphabets of IFSC Code will be auto-filled as the first four alphabets of IFSC Code will be same for that specific bank. Once it is filled all you need to do is click send.

25 May 2017
Is IFSC Code required for International Money Transfer?

IFSC is Indian Financial system code, and only banks in India have this. Other banks which are not in India will not have IFSC Codes. For transferring funds internationally, one can use Paypal for sending and receiving money abroad.

Here is the method how to send and receive money internationally. For using Paypal, we will not need to have any IFSC Code. To send money using Paypal the sender and receiver both should have PayPal account. In Paypal to send money first, we need to login into our Paypal account.
There will be an option called as send payment on the top we need to click there.
In that window, there will be various fields which we need to fill in such as the email ID, Amount, etc.

This method of payment is one of the easiest ways of doing transactions internationally. There are few other methods as well by using which we can transfer money such as Western Union, Money Gram, etc.

23 May 2017
Will there be any changes in IFSC Code of the banks if the merge?

Yes, there will be a change in the IFSC Codes after the merger. Normally the IFSC Code will be in such a format that it will explain few details about the bank such as like which bank is it where is the bank exactly and few other details. Once the banks merge all these details will be changed. Take the case of State Bank of Mysore as an example the first three letters of the State Bank of Mysore is SBM, and for the State Bank of India, it is SBI. First three letters of the State Bank of Mysore used to explain that the IFSC Code belongs to that bank. Now the IFSC Code needs to explain that it is State Bank of India now. So the first four letters will change with that there will be something called area code, In IFSC Codes. So, if there are more than one bank in the same area then that code will also change. There is still no issue of new IFSC Code's after the SBI merger. SBI may issue codes shortly.

18 May 2017
Pay credit card bill using NEFT?

There are many ways by which you can pay credit card bill. But most of the process we will be using will be third party process such as for paying HDFC credit card we will be using Bill desk which is a third party payment system. To make the payments secure. A new process has come up by using which we will be feeling more secure while paying the credit card bill and the process is by using NEFT. NEFT will be more secure because the payment will happen in between the credit card holders bank and the credit card company. Whereas before first we need to pay to a third party payment system and they will pay to the credit card company. Here is how to do the payment for SBI credit card using NEFT.

The process is pretty simple. The first step is to add the credit card as a beneficiary to your account. In this process, the bank will ask for few details such as the account number IFSC Code and the name of the account holder. The Account number for the credit card will be the 16 digit credit card number, for sbi card IFSC Code is SBIN00CARDS and account holder name will be as per your name on the card and the bank should be filled as SBI CREDIT CARD. Once the process is completed, you can pay the bill as you normally do a NEFT transfer.

16 May 2017
SBI new circular pushing towards digital economy?

SBI is introducing mobile wallet which is called as State Bank buddy. By using this wallet, we can withdraw cash from the ATM. This is going to be the best part of this Application. SBI has limited ATM free transaction for Basic Savings Banks deposit account to four transactions per month. From the fifth transaction, Rs 25 per transaction will be charged. Whereas for the normal Saving Bank accounts the number of the transaction remains the same. Eight free transactions using ATM of which you do free five transactions at SBI ATM and three at other bank ATM in Metro cities. When it comes to non-metro cities there will be ten free transactions of which you can do five free transactions at SBI ATM and five at Other Bank ATM. Sending and receiving money through online method charges remains the same. So it is better to send and receive money using online payment methods. For most of the methods, you may need to check the IFSC Codes. You can find any banks any branch IFSC Code on goodreturns.in

15 May 2017
New additions to IFSC code of payment banks

There are new payments banks that have been launched by the Reserve Bank of India. The question now is how do we find the IFSC Code of these payment banks. In fact, the various payment banks like Airtel Payments Bank, Ujjivan Financial all have a IFSC Code that you can trace the bank with. What are the advantages of these IFSC Bank. The one advantage of these banks is that they tend to give higher interest rates. For example, some banks like Airtel Bank can give you an interest rate of as high as  7 per cent in the savings account. However, all the accounts here do not have IFSC Code where you search and get the codes. So, next time you are investing, it would be a good idea to open an account at Airtel Bank or one of the payment banks who have an IFSC Code and give you a very good interest rate. This is good from an investment pont of view as well.

13 May 2017
Is IFSC Code required for Aadhar payment system and UPI?

There are many payments, and money transfer systems that have come up after demonetization like Mobile Wallets, Bhim UPI app, Aadhar Payment system. These applications and services were there before demonetization. But not much used. Now at most of the grocery shops and other business, we can do payments using mobile wallets, Credit Card, Debit Card.

For paying for groceries and other business using Mobile Wallets and credit and debit cards is needed when it comes to some big payments like house rent then it cannot be sent using electronic wallets and also there will be very few owners who will have a point of service machine. So for doing such transactions, we can use apps such as UPI app. By using the UPI app, the payment will be very easy. For doing this, all you need to have is owners Virtual payment address or Account number and IFSC Code. As the Aadhar payment service is not yet launched, so it is not yet announced we will we need IFSC code for using Aadhar Payment Service.

12 May 2017
Stricter code for banks on loan recoveries

While bank IFSC Code is one thing, getting recoveries is altogether a different thing for the banking industry in India. The Reserve Bank of India has tightened the norms for NPA recoveries and it is now increasingly difficult for individuals to get away with loan defaults.  Banks in the country have been increasingly worried about the recovery. It may also no longer be easy for individuals to default on their loans to banks and get away with the same. In fact, banks are now taking the initiative to recover amounts even before it becomes a non performing asset.

In any case, if you are looking to transfer money into banks, if you are a defaulter, you can use the IFSC Code. It is important to verify and than transfer the amount to the bank, so there is absolutely no chance of the money coming back without a transfer.

11 May 2017
Stricter code for banks on loan recoveries

While bank IFSC Code is one thing, getting recoveries is altogether a different thing for the banking industry in India. The Reserve Bank of India has tightened the norms for NPA recoveries and it is now increasingly difficult for individuals to get away with loan defaults.  Banks in the country have been increasingly worried about the recovery. It may also no longer be easy for individuals to default on their loans to banks and get away with the same. In fact, banks are now taking the initiative to recover amounts even before it becomes a non performing asset.

In any case, if you are looking to transfer money into banks, if you are a defaulter, you can use the IFSC Code. It is important to verify and than transfer the amount to the bank, so there is absolutely no chance of the money coming back without a transfer.

11 May 2017
Stricter code for banks on loan recoveries

While bank IFSC Code is one thing, getting recoveries is altogether a different thing for the banking industry in India. The Reserve Bank of India has tightened the norms for NPA recoveries and it is now increasingly difficult for individuals to get away with loan defaults.  Banks in the country have been increasingly worried about the recovery. It may also no longer be easy for individuals to default on their loans to banks and get away with the same. In fact, banks are now taking the initiative to recover amounts even before it becomes a non performing asset.

In any case, if you are looking to transfer money into banks, if you are a defaulter, you can use the IFSC Code. It is important to verify and than transfer the amount to the bank, so there is absolutely no chance of the money coming back without a transfer.

11 May 2017

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