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What is IFSC? How it is different from MICR code?

April 26, 2017code different ifsc MICR

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What is IFSC? How it is different from MICR code?

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Indian Financial System Code (IFSC) is an alpha numeric code designed to uniquely identify the bank-branches in India. This is 11 digit code with first 4 characters representing the banks code, the next character reserved as control character (Presently 0 appears in the fifth position) and remaining 6 characters to identify the branch. The MICR code has 9 digits to identify the bank-branch.