LOCATE ANY BANK BRANCH IN INDIA
SBM Bank (India) Ltd commenced operations on December 1, 2018. It was the first banking institution to have been granted a license by the Reserve Bank of India to operate as a scheduled commercial bank - offering universal banking services through the wholly-owned subsidiary route. SBM Bank India is a step-down subsidiary of SBM Holdings Ltd. (the erstwhile State Bank of Mauritius Ltd.), a listed entity in the Mauritius Stock Exchange, promoted by the Government of Mauritius. Armed with world-class deposit and asset products and the latest technology, the Bank seeks to cater to a holistic customer base comprising of retail customers, small businesses, NRIs, retail institutions, Indian corporates, financial institutions, public sector undertakings, multinational companies, and mid-market companies. The Bank has also designed its products to offer a premium experience – placing relationships first to ensure a higher degree of customisation. As a result, the Bank has opted for a collaborative route over a competitive one – taking banking solutions to existing and prospective clients through direct channels and third-party platforms. Set on the course of growth, the Bank continues to keep the momentum amidst a global pandemic – making up for the slowdown in business through strengthening its systems and focus. Being a new player, the digital prowess of the Bank offers superior infrastructure support to function as seamlessly despite the physical restrictions. The core philosophy of “Banking for a smarter tomorrow” has been tested and accelerated owing to the unprecedented crisis. Today, while the world limps to normalcy, the strengths of the Bank in terms of preferring collaboration over competition, digital over physical and niche over generic banking has given it a head-start to perform amidst the new normal.
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