LOCATE ANY BANK BRANCH IN INDIA
citi bank has branches in 12 States
ANDHRA PRADESH | CHANDIGARH | DELHI | GUJARAT | HARYANA | KARNATAKA | KERALA | MAHARASHTRA | RAJASTHAN | TAMIL NADU | UTTAR PRADESH | WEST BENGAL |About
Bank
Citibank (styled as citibank)
is the consumer division of financial services multinational Citigroup. Citibank
was founded in 1812 as the City Bank of New York, and later became First
National City Bank of New York. The bank has 2,649 branches in
19 countries, including 723 branches in the United States and
1,494 branches in Mexico operated by its subsidiary Banamex.The
U.S. branches are concentrated in six metropolitan areas: New York City, Chicago, Los Angeles, San Francisco, Washington,
D.C., and Miami Aside from the U.S. and Mexico, most of
the company s branches are in Poland, Russia, India and the United Arab Emirates.
As a
result of the financial crisis of 2007–2008 and
huge losses in the value of its subprime
mortgage assets, Citigroup, the parent of Citibank, received
a bailout in
the form of an investment from the U.S. Treasury.On November
23, 2008, in addition to an initial investment of $25 billion, a further $20
billion was invested in the company along with guarantees for risky assets of
$306 billion. The guarantees were issued at a time markets were not
confident Citi had enough liquidity to cover losses from those investments.
Eventually, the Citi shares the Treasury took over in return for the guarantees
it issued were booked as net profit for the treasury as Citi had enough
liquidity and guarantees did not have to be used. By 2010, Citibank had repaid
the loans from the Treasury in full, including interest, resulting in a net
profit for the U.S. federal government.
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
Magnetic
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
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