The IFSC code or Indian Financial System Code is used for all sorts of electronic money transfer purpose. This 11 digit code gives a specific identification to the branches of the bank. The first four characters are for the identity of the bank, the next four characters are control character and the last three characters are bank branch identity. The IFSC code is printed on each cheque leaf of the cheque book. When all bank branches participate in electronic payment systems each of them need a single code for identity and to avoid any confusion and IFSC code serves the purpose.
The MICR code or the magnetic ink character recognition is used to verify the legitimacy or different documents and cheques. The security information is encoded in the magnetic characters. Retailers use this code to lessen the exposure of cheque frauds. Government and corporations use this technology to speed up the sorting of various documents.
The IFSC code of Reserve Bank of India is;
RESERVE BANK OF INDIA
PAD, MUMBAI
RBIS0MBPA04 /
SHAHID BHAGAT SINGH MARG,
FORT MUMBAI -400 001
City: MUMBAI
District: MUMBAI
State: Maharashtra
Phone: 022- 22662836/22676534
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