Electronic Payment methods in Banks,IFSC and MICR codes,Regional and Commercial Banks in Mathura UP
By which way the payment can be transferred from one bank to other bank. Techniques and regulations for money transferring are IFSC and MICR codes. How these can help in checking errors in online money transfer and electronic payment methods. Commercial banks operational in Mathura district in Uttar Pradesh.
Electronic methods of money transfer in Banks
In India electronic payment technique implemented in most of the banks by using different techniques. NEFT{National Electronic fund Transfer}and RTGS{Real Time Gross Settlement} are the two major techniques used for intra India payment transactions. Both NEFT and RTGS used IFSC and MICR codes which are developed by Reserve Bank of India.
MICR Codes and how do MICR codes work
Full form of MICR codes? is Magnetic Ink Character Recognition. It is a character recognition technology which is used by banking industry to facilitate the processing of Cheques. These codes makes up the routing number and account number at the bottom of a check. MICR codes are easy to read by humans unlike barcode or similar technologies.
How to read MICR codes?
MICR codes generally consist of 9 digits which are as follows--
*First 3 digits represent city.
*Next 3 digits represent bank.
*Last 3 digits represent branch.
MICR characters are printed in special characters with a magnetic ink or toner containing iron oxide. Characters of codes are first magnetized on the plane of paper then passed over head similar to head of tape recorder. Head convert them into unique waveform easily read by system. One of the advantage of magnetic printing is that characters also read overprinted marks such as cancellation stamps and signature. For the well printed MICR documents the "cant read" rate is usually less than 1% while the substitution rate is in the order of 1 per 100000 characters.
IFSC Codes and how do IFSC codes work
Full form of IFSC codes used by banks is Indian Financial System Code. IFSC codes are the part of NEFT system and cosis of alphanumeric characters. These are used to identify bank branch. IFSC codes are those parts of National Electronic Fund Transfer technique Whic sends the messages to destination banks or branches. These contains both numeric as well as alphabetic parts.
How to read IFSC codes?
These are 11 digit codes consis of following parts--
*First four characters are alphabetic representing bank.
*Fifth character is a Zero and it is reserved as control character.
*Last six characters may be numeric or alphabetic represent bank branch.
IFSC codes on the basis of Reserve Bank of India rulings always printed on the Chheques issued by bank branches. For net banking customers both IFSC and MICR codes of respective bank branches are available online on the website of Reserve Bank of India at---htp:/www.rbi.org.in/scripts/neft.aspx.
Commercial Banks in Mathura district of Uttar Pradesh
No.of Gramin Banks in UP-2963.
No.of State Bank Group branches in UP-1625.
No.of Nationalized Bank branches in UP-4984.
No.of Private banks branches in UP-286.
Total no.of bank branches in UP-9973.
Following are the banks operational in district mathura of Uttar Pradesh--
1.Allahabad Bank 2.Andhra Bank 3.Axis Bank 4.Bank of Baroda 5.Bank of India 6.Canara Bank 7.Central Bank of India 8.Cooperative Bank 9.Dena Bank 10.HDFC Bank 10.ICICI Bank 11.IDBI Bank 12.Indian Bank 13.Indian Overseas 14.ING Vysya Bank 15.Kotak Mahindra Bank 16.Oriental Bank of Commerce 17.Punjab National Bank 18.Standard Chartered Bank 19.State Bank of Bikaner and Jaipur 20.State Bank of India 21.State bank of Patiala 22.Syndicate bank 23.he federal Bank Ltd 24.Uco Bank 25.Union Bank of India 26.United bank of India 27.Vijaya Bank 27.Yes Bank Ltd.
