GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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11
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12
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13
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14
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Detailed explanation-1: -IFSC is an 11-digit alpha-numeric code that uniquely identifies a bank-branch participating in the RBI regulated funds transfer system. MICR is a 9 digit unique code that identifies bank and bank branches in the ECS for the transfer of funds via cheque.
Detailed explanation-2: -Format. The IFSC is an 11-character code with the first four alphabetic characters representing the bank name, and the last six characters (usually numeric, but can be alphabetic) representing the branch. The fifth character is 0 (zero) and reserved for future use.
Detailed explanation-3: -In this 11 digit code, the first four characters disclose the bank name; the fifth character is a zero to have room for expansion of the bank branch and the last 6 define the bank location. It is easier to find the IFS code on the cheque-book and even on the cheque slip.