State wise list of Reserve Bank Of India IFSC code, MICR code and addresses of all branches in India
or Choose State from list below
Reserve Bank of India or RBI introduced the electronic fund transfer scheme allowing customers to transfer money from one account to another electronically. It is an inter-bank fund transfer system, where RBI is the connecting link between the remitter bank and the recipient bank. Two main modes of electronic fund transfer are National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS) followed by most banks under RBI’s guidance.
RBI has assigned unique alpha-numeric codes to all branches of banks participating in NEFT/RTGS. The code referred to as the Indian Financial System Code (IFSC) contains 11 characters. The significance of an IFSC code is that it identifies the originating as well as the destination bank and routes the transaction instructions to the appropriate branch of the bank, in an online electronic fund transfer. There are three parts in an IFSC code, the first part of the code is the first four characters that represent the name of the bank. The second part or the fifth character of the code is zero (0) and is the control element of the code. The third part is the last six characters which is either numeric or alpha-numeric and is code for the bank’s branch.
RBI also has a self-assigned IFSC code that is used to identify its branches. For instance, the IFSC code of ‘Pad Bhopal’ branch of the Reserve Bank of India in Bhopal, Madhya Pradesh is RBIS0BLPA01. ‘RBIS’ is code for Reserve Bank of India, while the last 6 characters ‘BLPA01’ is the branch identification code. The fifth character is zero (0).
RBI’s IFSC and MICR codes can be found on external websites or directly by visiting the branch of the RBI. BankBazaar is one of the websites that carries all necessary information of all branches of banks that are a part of the NEFT/RTGS network. Upon clicking on the tab ‘Bank IFSC Code’, you will get a window asking to enter the name of the bank, either from the list given below or a drop-down menu. Similarly, you will have to fill in the state, district and the branch of the bank. The result displayed will have the specific branch’s IFSC code, MICR code, address and contact number.
Using this payment system, banks can send funds to other banks anywhere in the country. National Electronic Fund Transfer is a safe, secure and efficient mode of money transfer and is processed by RBI itself. RBI clears the NEFT transactions on an hourly basis. The transactions are cleared in twelve settlements on weekdays between 08:00AM to 07:00PM and in six settlements on Saturdays between 08:00AM to 01:00PM.
NEFT Charges:
Beneficiaries are not charged for making inward transactions, however for outward transfers, the remitter should pay the following charges:
|
Transaction Amount |
Fee Per Transaction |
|
Upto Rs.10,000 |
Not more than Rs.2.50 |
|
Above Rs.10,000 to Rs.1 lakh |
Not more than Rs.5 |
|
Above Rs.1 lakh to Rs.2 lakh |
Not more than Rs.15 |
|
Above Rs.2 lakh |
Not more than Rs.25 |
RTGS at RBI:
Banks can use RTGS to transfer high value transactions. RTGS is the fastest mode of electronic transfer as it happens real time. Real Time Gross Settlement implies that the transactions are processed real time as in as soon as a transaction request is raised. The settlement is also cleared individually and not in batches and hence it is referred to as ‘gross’ settlement.
There is no fee for inward RTGS transactions but for outward remittances, for amounts between Rs.2 lakh to Rs.5 lakh, the remitter has to pay not more than Rs.30 per transaction and for transactions above Rs.5 lakh, the remitter has to pay not more than Rs.55 per transaction.
Reserve Bank of India commenced its operations in 1935 by taking over the functions performed by the Imperial Bank of India, Controller of Currency, Government account management and public debt. RBI has its central office in Mumbai and is completely owned by the Government of India. RBI holds the control over circulation of currency related amendments as well as operates as the highest governing body of the financial facet of the country. RBI is one among the few companies to function as a schedule bank as well as be actively involved in the electronic banking services.
While discussing about targeting to encourage cashless payment systems via four tactical steps, RBI's vision 2018 papers fails to levy uniform customer charges and other service charges levied by lenders and dealers. This non-uniformity has of course led to numerous complaints from the users. It is also alleged that banks are utilizing their disarray to pick the pockets of customers in the name of various services. Let us wait and see how RBI will address this issue.
29th June 2016
In an attempt to generate best-in-class payment and reimbursement modes towards a cashless economy, RBI introduced a Vision-2018 declaration last week. This envisions appraisal of the National Electronic Funds Transfer (NEFT) system to facilitate quicker fund transactions and processing by launching settlement cycles that are more recurrent. As per the document, with growing acceptance of electronic payments among the masses, mainly those contributing to e-commerce and m-commerce, there is a rising call for quicker online payment services. This will enable easy cash transactions of all kinds for people as well as enterprises. All you need to know is the recipient’s account number and the bank IFSC Code.
23rd June 2016
The Reserve Bank of India has given its permission for banks to offer all their banking services and products through ATMs. ATMs are automated teller machines that are used for only basic services that are approved by the RBI which includes withdrawing, balance enquiry, PIN change and deposits. But this will change soon as long as the banks have the technology to extend their services through these machines. ATM innovations are in the process to offer videoconferencing with bankers, along with statement and passbook printers integrated into the ATM. Soon smartphones will be able to interact with the ATMs. Up till now, banks have only offered financial products like loans and credit cards but there is no transaction at the ATM. Soon banks might be able to approve and dispense the loan money at the ATM itself.
Innovations in the banking system will soon revolutionise the way we bank. Banking has stepped into the digital world and social media. In the future, important marks of the Indian Banking system such as IFSC codes and deposit boxes may become outdated and replaced by new and exciting ideas.
2nd February 2016
The Reserve Bank of India (RBI) is striving towards harmonizing guidelines for non-banking financial companies (NBFCs) to bring down the number of classifications in the segment, its Deputy Governor, Mr. R. Gandhi. Going ahead, they want to strive towards bigger synchronization of the guidelines to slash the categories within the NBFC sector. The central bank is affiliated to the growing requirements of the economy and hence will go on to approve of new types of NBFCs if the economy needs them. RBI is aggressively reviewing the peer-to-peer advancing arrangements that are gradually attaining traction. NBFC account collectors will deliver technology-aided solutions to an individual. One can also perform online money transfer easily via NEFT and RTGS using IFSC Code to any account.
11th January 2016
The Reserve Bank of India is preparing to appear with a new vision document for the development of payment systems in India as the “payments landscape here is changing and is changing quickly”. RBI is working out the subsequent vision document which will cover what are the evolving initiatives the RBI is expected to encourage the field. RBI Deputy Governor, Mr. R Gandhi said at an event of the National Payments Corporation of India in Delhi. Gandhi said it is of serious significance that the populace in over 6 lacs villages in the nation is exposed to the alternative delivery portals. Some estimations designate that to reach the average levels of BRIC nations, India will require 20 million POS (point of sale) portals as against the present 1.2 million. The propagation of digital channels is obvious typically in the Tier I and Tier II hubs. So as to endorse digital banking networks, IFSC code used, it is obligatory on the ecosystem entailing the banks, network tie-ups and others.
30th December 2015
Foreign banks are vying to establish their presence in India, with the Reserve Bank of India receiving applications from four banks to set up subsidiaries in the country. These applications are currently under processing, with several other banks on the anvil. Mauritius based bank SBM and Singapore’s top bank DBS have already requested regulatory permissions to convert their Indian branches to subsidiaries. Foreign banks requesting for such conversions will be treated just as Indian banks by RBI, with stamp duty benefits, capital gain tax and will also be allowed to procure local private banks. With the Indian industry flooded with a rising number of financial institutions, foreign banks have a tough challenge ahead of them, if they do intend to become a well-established player. Keeping in tune with the pulse of customers, these foreign banks will have to provide innovative banking solutions and state-of-the-art banking technology inclusive of internet banking, social media banking and mobile banking services. The e-banking services should definitely provide bank account management services, payment assistance and money transfers with IFSC codes, etc.
8th December 2015
