IFSC, short for Indian Financial System Code, is simplifying modern banking from what was once a purely paper based system. From challans to net banking, from long queues at the teller's to fund transfers in mere minutes, banking today is an amalgamation of various helpful technologies and accountable yet simplified procedures that is far removed from the traditional systems of old. In this regard, the concept of IFSC Codes, at least in the context of Indian banking, is absolutely the simplest, yet most path breaking update in recent times. Indian Financial System Code (IFSC) is fundamentally important when it comes to online money transfers, ergo, it plays a key role in almost every India based financial transaction happening over the limitless expanse of the World Wide Web today.
The full form of MICR is Magnetic Ink Character Recognition technology. The primary need for this innovation is to authenticate the originality and legality of paper based documents in the banking system and is majorly used on cheques. In terms of their real-world importance, MICR stands on par with IFSC where transfer of funds using NEFT or IMPS is concerned.
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