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BNP Paribas Group is a leading European bank with a strong global footprint across 71 markets and more than 198,000 employees. The Group provides corporates, institutional and private investors with product and service solutions tailored to their specific needs. It offers a wide range of financial services covering corporate & institutional banking, wealth management, asset management, insurance, as well as retail banking and consumer financing through strategic partnerships.
Asia Pacific is a key strategic region for BNP Paribas and it continues to develop its franchise in the region. Currently with a presence in 13 markets and over 18,000* employees, BNP Paribas is one of the best-positioned international financial institutional with an uninterrupted presence since 1860.
From the establishment of our first branches in China and India in 1860, we have expanded to offer one of the region’s most comprehensive branch networks to provide you service where it matters.
We have also invested in the products and people to provide simple and effective solutions in the world’s fastest growing markets. We are experts in capital markets, advisory and financing businesses. Our client-centric model aims to anchor its leadership position in Europe and leverage the rapid growth in Asia.
For more on the history of BNP Paribas, click here: https://group.bnpparibas/en/group/history-centuries-banking.
* excluding partnerships
BNP Paribas in India
BNP Paribas was the second foreign bank to establish a presence in India beginning with operations in Kolkata. Today, BNP Paribas is among the leading corporate banks in India. This uninterrupted, 160-year old association has given BNP Paribas an unparalleled experience of the Indian economy as it has witnessed the country’s growth at close quarters. Currently, the bank has branches in eight major cities – Mumbai, Delhi, Kolkata, Chennai, Hyderabad, Bangalore, Ahmedabad and Pune.
BNP Paribas India has a full-fledged presence in Corporate and Institutional Banking offering products across businesses – Fixed Income and Debt Capital Markets, Transaction Banking, Corporate Finance and Institutional Equities as well as Securities Services – and is a core banker to several multinational companies and large Indian corporates. BNP Paribas India has been amongst the top three cash management banks for ten consecutive years in the Euromoney Survey.
BNP Paribas India has an award-winning Wealth Management offering that provides world class capabilities and customized solutions to its clients. It has grown extensively on the back of the Group’s renowned expertise which provides the local team with a strategic orientation. In addition, the Group has a presence in personal investment services through Sharekhan by BNP Paribas, which it acquired in 2016, and an asset management company, BNP Paribas Mutual Fund.
What is 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