PNB Bank News: The IFSC code can also be used in National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS). You can find the IFSC Code in many ways.
Online banking system has made our life quite comfortable. We need to pay to a shop or service provider, recharge, pay a bill or transfer money to someone, within a few seconds we can do this work online. Every bank, including SBI, PNB, HDFC, has its own mobile app, through which it has become even easier.
For online transactions through mobile banking or internet banking, one of the most important things, other than the account number, bank name, name of the account holder, is IFSC. IFSC means Indian Financial System Code. If you make a mistake while transferring money online, then there can be big loss. Therefore, it is very important to fill it correctly. If banks’ IFSC code is changing then more caution is needed.
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Let us tell you that the Oriental Bank of Commerce (OBC) and United Bank of India (UBI) have merged with PNB. Now the existence of these two banks is over. Customers of both these banks have shifted to PNB. That is why the IFSC and MICR of these banks are changing.
PNB issued 2370 bank branches codes
PNB i.e. Punjab National Bank had decided to make some important changes recently. The bank had said that after 31 March 2021, MICR codes will not work for the bank’s old IFSC. People had a desire to know what would be the MICR code of the bank and the new IFSC of their acquaintances. Now PNB has issued these codes. The codes of 2370 branches across the country have been issued by the bank.
What does IFSC mean?
An IFSC is an 11-digit code. This code is given to all banks by the Reserve Bank of India. This code of 11 characters is used in electronic payment. The name of the bank is known from its initial four digits. The fifth digit in it is zero. The subsequent 6 digits indicate the branch code. Any branch of the bank can be tracked through that code.
The IFSC code can also be used in National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS). You can find the IFSC Code in many ways. You can find it through the bank’s website, bank account and check book. Apart from this, on the first page of the bank account passbook, you will have information such as account number, address, branch code, IFSC code and name of the account holder. In a checkbook, IFSC Code is written above, in some it is written downwards.
What is MICR code?
MICR code is Magnetic Ink Character Recognition. As you can understand from its name, it would have been based on character recognition. It is used on the bank’s check book. Often you have seen the MICR code written on a check. It is printed with magnetic ink on the check. It is mainly used to protect transactions like a security barcode.
MICRcode is 9 digits. Each bank branch has its own unique MICR code. The first 3 digits in the 9 digits of the MICR code indicate the name of the city. The name of the bank is given in the next 3 digits and the last 3 digits are about the bank branch. 👇
