IBAN Structure in India
RBI has proposed to use IBAN for standardization of banking account numbers in India. Please read our post on IBAN in India. RBI Committee examined the technical aspect of IBAN and debated the following four types of IBAN for India, along with the advantages and disadvantages of each type. Longest IBAN Shortest IBAN Aadhaar Based IBAN Pattern Based IBAN After detailed deliberation, RBI committee has found "Longest IBAN" as most suitable for Indian banks and their customers. You can read…
IBAN for standardized banking account numbers
RBI is targeting to standardize the banking account numbering in India. As of now, each bank devise its own account numbering structure varying in length, pattern and composition. This has led to a situation where even basic validations on account numbers is not possible and this leads to incidences of credit going to wrong beneficiary, especially in an STP (straight-through-processing) environment handling huge volumes of transactions. One of the options to achieve standardization in account numbers is implementation of IBAN…
What Is Core Banking System ?
The word Core Banking is used to describe the various services being offered by the banking system to its customers and this is done by the whole banking core branches. This facility makes it possible for the banks to get transfer their funds and other transactions to other core branch offices in a very easy and quick manner. Now, there is no need to get deposit and withdrawal of your cash in the same branch. You can deposit from any…
IFSC Codes
IFSC means Indian Financial System Code. The Indian online payment systems like NEFT and RTGS requires IFSC code to locate the branch in which transaction is to be done. These code are directly used by RBI (Reserve Bank of India) to facilitate various interbank transactions. A IFSC Code contains 11 characters - for example - ICIC0001245 Explanation of various elements of IFSC Code The first 4 characters represent the bank or entity (ICIC0001245) - In this case it is ICICI…
RuPay – India’s answer to Visa and Mastercard
RuPay is the brand of domestic card scheme floated by National Payments Corporation of India (NPCI). RuPay is a portmanteau word formed by the combination of Rupee and Payment and it also sounds very similar to hindi pronunciation of Rupees. Currently, all the card payments are routed through Visa or Mastercard which are world leaders in this area and these transactions are processed outside the country. After launching RuPay, the same process will be replaced by processing within the country.…
Issuer Identification Number (IIN)
What is Bank's IIN? IIN mean Issuer Identification Number. This number identifies the Bank to which you the Aadhaar number is mapped. IIN is a six digit number and will be used for making AEPS (Aadhaar Enabled Payment System) transaction. In most banks BC customer service points, this number would be represented on the terminal by the banks logo or name and hence this number is not to be remembered by the customer, however, it is recommended that the customer…
NEFT UTR Number
The term UTR No. means Unique Trasaction Reference Number and it is generally used in association with NEFT transactions done through bank. For every successful NEFT transaction, your Bank will provide a UTR number (Unique Transaction Reference No.). For example, if you do the a NEFT transaction with a branch of Union Bank of India, the Union Bank of India will provide the UTR No. to you which can be used to track the transaction later. So, UTR number is…