LOCATE ANY BANK BRANCH IN INDIA
Bank’s
Profile
The Bank of Nova Scotia (French: La Banque
de Nouvelle-Écosse), operating as Scotiabank (French: Banque
Scotia), is a Canadian multinational banking
and financial services company. One of Canada s Big Five banks, it is the
third largest Canadian bank by deposits and market
capitalization. It serves more than 25 million customers around the
world and offers a range of products and services including personal and
commercial banking, wealth management, corporate and investment banking. With
more than 88,000 employees and assets of $998 billion (as of October 31, 2018),
Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS).
Founded in
1832 in Halifax, Nova
Scotia, Scotiabank moved its executive offices to Toronto, Ontario in 1900. Scotiabank
has billed itself as "Canada s most international bank" due to its
acquisitions primarily in Latin America and the Caribbean, and also in Europe
and parts of Asia. Scotiabank is a member of the London
Bullion Market Association and one of fifteen accredited
institutions which participate in the London gold fixing. From
1997 to 2019, this was conducted through its precious metals division ScotiaMocatta.
Scotiabank
is led by President and CEO Brian J. Porter
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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