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Reserve Bank Of India IFSC Code and MICR Code:

Reserve Bank Of India state wise list of all branches, IFSC code, MICR code and Addresses within India

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Reserve Bank Of India IFSC Code

About Reserve Bank of India

Reserve Bank of India largely controls the monetary policy of the Indian rupee in a successful manner. It is Indias central banking institution. It was established on 1 April 1935 that is nearly 80 years ago. During the British Rule, it commenced its operations in accordance with the provisions of the Reserve Bank of India Act, 1934. It head quarter is located at the Central Office Building, Shahid Bhagat Singh Road, in Fort, in Mumbai, in the state of Maharashtra, in India. Its present Governor is Raghuram Rajan. It deals with Indian Rupee currency. It comes with reserves of US$351.92 billion and Bank rate of 7.75%. At present, It is a member bank of the Asian Clearing Union.


On 1 January 1949, Reserve Bank of India (RBI) was nationalised with lot of perfection. It plays a significant part in the Development Strategy of the Government of India. It is to be noted that the direction and general superintendence of the RBI is perfectly entrusted with the Governor (Dr. Raghuram Rajan), the 21-member Central Board of Directors, 2 Finance Ministry representatives, 4 Deputy Governors, 10 government-nominated directors in order to represent significant elements from Indias economy, plus 4 directors in order to represent local boards headquartered at Kolkata, Mumbai, New Delhi and Chennai.


IFSC Code for RBI

Reserve Bank of India IFSC code is an alphanumeric code that helps in money transfer activities like RTGS and NEFT. It is an eleven character code. Its ifsc code is a type of identification code that allows RBI to recognize for which branch the transfer is taking place. The first four characters of the code represents the bank, fifth character is zero which is constant and the remaining digits represent the branch.


How to Find RBI IFSC Code

In the era of internet human beings are not distant from any information they want. There are many popular websites that will help you get the ifsc code for a particular RBI branch. Some basic information like bank name, state, district and the locality will be needed. Fill up these sections or simply select names from the drop down menu.


RBI MICR Code

Reserve Bank of India Magnetic Ink Character Recognition code (MICR) is a code readable by machines used for clearance of cheques and its processing. It acts as the identification of the branch to which the code belongs to. A magnetic reader reads the cheque. MICR technology has helped a lot in speeding up the cheque clearance process. It is far better than manual reading and sorting. It is generally printed in E-138 font or CMC-7. The code is printed in such a way that even if it is covered by a stamp mark it can easily be read by the magnetic reader.


How to Search RBI MICR Code

MICR codes can be generated from the internet. Along with the code you will get many other important details about the bank. The search is very easy. It can be easily narrowed down by entering little important information like state.


Other Popular Banks IFSC Code

Reserve Bank Of India IFSC Code News:

RBI approves 29 Bank branches to accept income tax dues for September Quarter


Reserve Bank of India has given approval to various banks like ICICI, PNB, SBI, HDFC plus Bank of Baroda, to collect advance income tax for the July-September quarter. RBI has requested income tax payee to pay outstanding tax amount adequately much before the end date to avoid last moment rush. RBI stated assesses can utilize any channels for payment like they can either choose branches of approved banks or can use the service of online payment provided by these branches. RBI reported, this facility will help remove the trouble of assesses in waiting in long lines at the RBI offices. RBI said, paying income tax amount via RBI, every year has always created rush and difficulty towards the end of September quarter & it turns out to be very troublesome to manage the pressure of distributing huge amount of receipts, even though every year extra counters are set up for this function. RBI has given authority to 29 bank branches to collect the payments of income tax dues.

The list of authorized bank branches are: Central Bank of India, Allahabad Bank, Dena Bank, Canara Bank, Andhra Bank, Indian Bank, Axis Bank, Indian Overseas Bank, Bank of India, Bank of Maharashtra, Oriental Bank of Commerce, UCO Bank, United Bank of India, Union Bank of India, Syndicate Bank, State Bank of Hyderabad, State Bank of Mysore, Vijaya Bank, Punjab & Sindh Bank, State Bank of Travancore, State Bank of Bikaner & Jaipur. The tax payers can deposit the tax due at any of the above bank branches.

2016/08/15 09:46 PM

After Reserve Bank of India Policy review Share price of PSU banks moved up


During the last policy review session by Raghuram Rajan as RBI governor on 9th August, 2016, declared that the interest rates will not change and will remain at 6.5 per cent. This decision made the PSU share price moved up by 2%. In the NSE (National Stock Exchange) list, Allahabad Bank, Canara Bank, PNB, SBI, Bank of Baroda, Union Bank of India, Oriental Bank of Commerce, Syndicate Bank plus Andhra Bank share price moved up by 2 per cent. The biggest profit maker among the sectoral indices, PSU bank at 11:40 am moved up by 1.8 per cent. Whereas there was fall by 0.08% in the reference Nifty fifty index. All public & private bank index, Nifty Bank rose up by 0.31 per cent.

The retail hike in June month moved to 5.77 per cent which made Raghuram Rajan to leave the interest rates at the same position which is at 6.5 per cent. There was also sharp rise in food rates which is one of the prime goods utilized in CPI (Consumer Price Index). CRR which stands for Cash Reserve Ratio was steady at the rate of 4 per cent.

The anticipation of the danger that the inflation rate will reach 5 per cent till 2017, March still holds to be true. In order to end the inflation stress the effect of direct statistical of house rent require to be studied and its effect on inflation need to be strictly regulated. Reserve Bank of India in the 3rd bi-monthly monetary policy session announced in language of quick results all will depend upon the impact of monsoon on the rate of food products.

He further added-Monetary policy position continue to maintain its space in market and will remain to stress the satisfactory supply of liquidity. Simple liquidity situations are hinting the banks to humbly communicate past policy interest rate down fall through enthusiastic liquidity administration will provide increased amount of pass.

2016/08/10 12:51 AM

The lenders of Patel Engg have been in talks to restructure the debt of the latter under the S4A accounts.


According to the sources  lenders of Patel Engineering are in conversation with the firm to discuss the possibility of restructuring its debt through the scheme for sustainable structuring of stressed assets or S4A. The RBI in consultation with lenders has come up with a scheme for sustainable structuring of stressed assets.  This scheme has been introduced as an option to help resolve large stressed accounts.

The earlier existing scheme called SDR allows the bank to overtake the company that has defaulted by converting its debt to equity and replacing the promoter by selling it to a willing buyer.

The new scheme called S4A is more comprehensive in nature and allows lender to split the debt of the company into sustainable and unsustainable portions . The S4A also allows for management to be retained if that is needed.

The net debt of Patel engg is about 4000 Cr. The chief lender to the company is ICICI bank. The other lenders include Bank of Baroda, Dena Bank,Canara Bank and Bank of India.

2016/07/19 03:49 AM

At FEMA expo, RBI regional director cites banking being stretched to all villages


In Udupi, Manipal, at Golden Jubilee Auditorium, a two-day Foreign Exchange Management Act (FEMA) exhibition-cum-interface successfully organized by Reserve Bank of India, Bengaluru was inaugurated in association with Syndicate Bank. It is to be highly noted that by lighting the lamp, Managing director and CEO of Syndicate Bank Arun Shrivatsava grandly inaugurated the programme. A prayer song by Vidyalaxmi, this was followed with a lot of perfection. In a press statement, in his presidential address, Regional director Reserve Bank of India Eugene E Karthak stated that there are six nationalized banks that has headquarters in the state of Karnataka, in South India.


In this meet it was decided that immediate efforts to be made towards quick and easy access of door-to-door service and financial service to be largely extended to villages that are termed as unbanked. With a population less than approximately 2,000, it is noted that 4, 90,000 villages termed unbanked have been largely identified plus are rightly allotted banks which will be started within a stipulated time frame. On the other hand, Pradhan Mantri Jan Dhan Yojana has perfectly enabled esteemed customers to open bank accounts.


It is to be highly noted that according to the World Bank report of 2015, this nation is the worlds fastest growing economy. 142 out of 189 countries, India has been ranked in its ease of doing perfect business. India is perfectly ranked 130 out of 189 countries this particular year; this effort is thanks to the successful steps largely taken by the government.

2016/03/06 07:50 AM

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