MICR Codes And BSR Codes

1. MICR Codes (Magnetic Ink Character Recognition):br - MICR codes are unique numeric codes printed in magnetic ink at the bottom of checks and other financial documents. - These codes help identify specific bank branches. - Unlike barcodes, MICR characters are easily readable by humans. - The MICR code is also printed on the first page of a bank account book.
2. BSR Codes (Basic Statistical Returns): - BSR codes are used for reporting financial transactions to the Reserve Bank of India (RBI). - They are part of the Basic Statistical Returns (BSR) system. - BSR-1A and BSR-1B are activity/occupation codes used in reporting. - BSR-2 is another type of statistical return.

What is the format of a MICR code?
The format of a MICR code consists of nine digits and provides essential information about banks and branches participating in the Electronic Clearing System (ECS). Here’s how it breaks down: 1. The first three digits represent the city code, identifying the location of the bank branch.
2. The middle three digits represent the bank code, identifying the specific bank.
3. The final three digits indicate the branch code, identifying the particular bank branch.

What is the format of a BSR code?
The BSR code (Basic Statistical Return Code) is a 7-digit code allotted to all registered banks in India. It serves two purposes: 1. The first three digits represent the bank, identifying the financial institution.
2. The next four digits represent the branch, uniquely identifying each bank branch.

How can I find my bank’s BSR code?
Certainly! To find your bank’s BSR code (Basic Statistical Return Code), you can follow these steps: 1. Visit a BSR code finder tool online. You can use platforms like [Bank Codes Finder](https://bankcodesfinder.com/bank-bsr-codes) or [CodeForBanks](https://www.codeforbanks.com/banks/bsrcode-bybranch/) to search for BSR codes.
2. Select your bank from the list provided. You’ll usually find major banks like Allahabad Bank, Axis Bank, HDFC Bank, ICICI Bank, and more.
3. Choose your state from the dropdown menu.
4. Select your district from the options available.
5. The tool will display the BSR code for the specific branch of your chosen bank