CENTRAL BANK OF INDIA IFSC CODE

IFSC code stands for Indian Financial System Code, a unique code given to every branch of a bank to prevent confusion while making a transaction. The Reserve Bank of India provides these 11-digit alphanumeric codes to the banks to distinguish them from each other. This code plays a vital role when making any payments by pointing out the bank and the branch involved in the electronic payment method- NEFT, RTGS and IMPS. 

Central Bank of India IFSC Code Structure

The IFSC code has the following structure:

• The first four alphabets indicate the bank name
• The next character is a ‘0.’
• The last six digits indicate the bank branch code

The IFSC code structure of the Central Bank of India can be explained by taking an example of the IFSC code- CBIN0281026. The first four characters, ‘CBIN’, represent India’s Central Bank; the fifth digit is a ‘0’ and ‘281026’ is the Apna Bazar, Gurgaon branch. 

Central Bank of India Branch Code

An individual code is given to each bank branch to make it easily identifiable in the transactional process. The code is assigned by the RBI and can be found in the last 6-digits of the IFSC code. The Apna Bazar, Gurgaon branch of Central Bank of India has ‘281026’ as its branch code. No two branches of a bank can have the same branch code.

MICR Code Central Bank of India 

The Magnetic Ink Character Recognition is printed at the bottom of the cheque to determine the bank, code, and branch participating in the Electronic Clearance Scheme (ECS). The MICR code makes the process of cheque clearance. This 9-digit code can be broken down into three parts. The first three digits represent the city code, the following three are the bank code and the last three are the branch code.

The MICR code of the Apna Bazar, Gurgaon branch of the Central Bank of India is 110016083. Here, ‘110’ is a part of the pincode of Gurgaon, ‘016’ is CBI’s code, and ‘083’ is the Apna Bazar branch.

SWIFT Code Central Bank of India

SWIFT code stands for the Society Worldwide Interbank Financial Telecommunication Code and is a format of Business Identifier Codes (BIC). The SWIFT code is used for international banking and is provided to the bank branches by the Reserve Bank of India. It is an 11-digit alphanumeric code that can be broken down into four parts. The first four alphabets represent the bank; the following two alphabets are the country code. The following two can either be an alphabet or numbers representing location code. The last three characters representing the branch code can be numbers or letters.

For instance, The SWIFT code of the Central Bank of India is CBININBBPHA. Here, ‘CBIN’ specifies the Central Bank of India, ‘IN’ specifies India, ‘BB’ specifies Mumbai, the location of head office and ‘PHA’ specifies the branch, GT Road, Punjab.