DISCOVER TIPS | Knowledge Magazine

There are various  abbreviations used in Banking sectors  that are identified with a unique digit of alphanumeric like  Aadhaar Card, IFSC Code, MICR etc.  So many such entities has been recently in news and there are strong chances that such type of words may appear in the exam. So, here is the compiled list of abbreviations with full form and numbers of  alphanumerics used in it.  1. IFSC Code-  IFSC Code is the acronym for Indian Financial System Code developed by RBI - Reserve Bank Of India as a unique Identification code to each of the bank branches in India. The Bank IFSC Code consists of 11 alpha-numeric characters that uniquely identifies a bank-branch participating in the RTGS and NEFT system.   2. MICR-  MICR (Magnetic Ink Character Recognition) is a 9 digit code and its technology used to verify the legitimacy or originality of paper documents, especially checks. Special ink, which is sensitive to magnetic fields, is used in the...

It has always been matter of country's economical conditions and various methods to evolve as high as possible. But one of the key people who takes part in this process are bankers who are in worst condition today. RBI governor Dr Rajan Spoken boldly.....Banks have been forced to conduct loan melas to disburse loans sacrificing quality of loaning process and banks have been forced to write off loans so that vote banks of ruling party is safe and become greater. Banks have been used to carry out all non - productive services like tax collection or salary payment or disbursing subsidy oriented loans under various government sponsored schemes or reckless branch expansion in the name of service area approach or PM Jan Dhan Yojana. Further to make the situation worse, banks have been directed and allowed by previous government to do non- banking business like insurance, mutual fund, demat etc. In this way banks sacrificed the safety of bank's core assets and wasted time in ca...