LOCATE ANY BANK BRANCH IN INDIA
Axis Bank is the third largest private sector bank in India. The Bank offers the entire spectrum of financial services to customer segments covering Large and Mid-Corporates, MSME, Agriculture and Retail Businesses.
The Bank has a large footprint of 4,528 domestic branches (including extension counters) with 12,044 ATMs & 5,433 cash recyclers spread across the country as on 31st March, 2020. The overseas operations of the Bank are spread over eleven international offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Colombo, Shanghai and Gift City-IBU; representative offices at Dhaka, Dubai, Abu Dhabi, Sharjah and an overseas subsidiary at London, UK. The international offices focus on corporate lending, trade finance, syndication, investment banking and liability businesses.
Axis Bank is one of the first new generation private sector banks to have begun operations in 1994. The Bank was promoted in 1993, jointly by Specified Undertaking of Unit Trust of India (SUUTI) (then known as Unit Trust of India), Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC), National Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance Company Ltd. and United India Insurance Company Ltd. The share holding of Unit Trust of India was subsequently transferred to SUUTI, an entity established in 2003.
With a balance sheet size of Rs. 9,15,165 crores as on 31st March 2020, Axis Bank has achieved consistent growth and with a 5 year CAGR (2014-15 to 2019-20) of 15% each in Total Assets, Deposits and Advances.
What id IFSC Code
IFSC is short for Indian Financial System Code and represents the 11 digit character that you can usually see on your bank’s cheque leaves, or other bank sponsored material. This 11 character code helps identify the individual bank branches that participate in the various online money transfer options like NEFT and RTGS.
How to find IFSC Code?
Ways to find IFSC codes
- IFSC code can be found on cheque leaf and bank passbook of the respective bank.
- Banks and respective branch list of IFSC codes can be obtained from Reserve Bank of India’s website.
- The IFSC code of a particular bank can also be found on the banks’ official website.
Benefits of IFSC Code
Benefits of IFSC Code are :
- Helps to identify a Bank and its respective branch
- Eliminates errors in the process of fund transfer
- Transfers done with IFSC such as NEFT, RTGS and IMPS are accurate
What is MICR Code
MICR or Magnetic Ink Character Recognition Code is a 9 digit code used for faster processing of cheques. MICR number is also unique for every bank branch, hence it helps in uniquely identifying the bank and branch participating in an Electronic Clearing System (ECS). MICR Code like IFSC is a combination of 3 essential components:
- The first 3 digits represent the city code.
- The middle 3 represent the particular bank code.
- The last 3 digits represent the specific branch code
Benefits of MICR Code
Benefits of MICR Codes are:
MICR code enables efficient, quick and error-free processing of cheques. This is possible with magnetic ink, reading machines and technology used in MICR.
Difference between IFSC and MICR code
ink character recognition code (MICR) is a technology that enables faster
processing of cheques by recognizing unique characters printed on the cheque.
MICR consists of a 9 digit code. The first three digits of the MICR code
represent the city, the next three give the bank code and the last three digits
denote the branch of the bank. Similar to an IFSC code, every branch of a bank
has a specific MICR code. While IFSC is used for online fund transactions, MICR
is used for cheques.
Let’s understand the difference between IFSC and MICR