What is IFSC?

Every IFSC code starts with a 4-character bank code, followed by a reserve character (0 for now), and then followed by 6 alphanumeric digit. Also, Large banks sublet their codes to smaller banks resulting in the same first 4 characters for many banks. In this case, the bank will have one bank code but a different first 4 characters in the IFSC code. Another catch here is that the same bank can have many bank codes based on how the bank has evolved over time.

How to find IFSC Code?

1. Cheque leaf and bank passbook of the respective bank contains the IFSC code.
2. RBI publishes a list of all RTGS/NEFT branches in Excel sheets and is available in RBI website.
3. All private sector banks and public sector banks publishes their IFSC in their respective websites. But other banks like co-operative banks may not be diligently updating this.

What is MICR?

MICR is Magnetic Ink Character Recognition. It is printed on all the cheques. It is represented by 9 digits - the first 3 digits represent the city, the next 3 the bank and the last 3 the branch. This code helps automated systems to parse these cheques. We try to provide MICR in our API responses

How is IFSC issued?

1. RBI issues 4 letter codes called bank code representing a bank. It ends in X for banks not connected to the RBI payments/settlement system.
2. Banks inform RBI of IFSC for each branch.
3. Banks inform NPCI of IFSC for each branch separately
4. Issuance of each branch IFSC is the sole responsibility of the bank