LOCATE ANY BANK BRANCH IN INDIA
The Rabobank Group s international banking business concentrates on the international wholesale and retail banking activities. The related focus is on food & agri clients who are served from thirty countries worldwide.
Rabobank s international activities are divided into regions: Europe (excluding the Netherlands), the Netherlands, North and South America, Australia and New Zealand and Asia. There are also globally managed divisions including Global Financial Markets, Direct Banking and Trade & Commodity Finance. Rabobank also has private equity stakes and stakes in foreign banks.
The Rabobank Group s knowledge
and expertise in the field of food and agri is pooled within Food and Agri
Research and Advisory (FAR) that has locations in the Netherlands, North and
South America, Asia and Australia. FAR conducts research into the main food and
agri sectors and utilises its knowledge to support numerous transactions in
Rabobank is committed to being the best financial link for the different chains within the food and agri sector worldwide through Rabobank International. The aim is to achieve strong growth in these sectors.
Rabobank has a corporate social responsibility assessment system that is used in connection with customer credit applications and investment proposals from Rabo Private Equity. The related emphasis is on combating undesirable practices such as child labour, poor working conditions, environmental pollution and deforestation.
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
1. IFSC code can be found on cheque leaf and bank passbook of the respective bank.
2. Banks and respective branch list of IFSC codes can be obtained from Reserve Bank of India’s website.
3. 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 :
1. Helps to identify a Bank and its respective branch
2. Eliminates errors in the process of fund transfer
3. 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:
1. The first 3 digits represent the city code.
2. The middle 3 represent the particular bank code.
3. 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