Canara bank was established in the year 1906 in Mangalore by Ammembal Subba Rao Pai. It is headquartered in Bengaluru. The bank was nationalized by the government in 1969 and today, it is recognized among the oldest bank in the public banking sector of India. As of 2017, Canara bank had a wide network of more than 6600 registered branches and over 10600 ATMs across India. The bank also has its international offices in London, Moscow, Hong Kong, Shanghai, Bahrain, Doha, Dubai, South Africa, New York, and Tanzania.
1. Canfin Homes Limited (CFHL), with a network of 110 branches and 28 satellite offices across India
2. Canbank Venture Capital Fund Limited
3. Canbank Factors Limited
4. Canara Bank Securities Limited
5. Canbank Computer Services Limited
6. Canbank Financial Services Limited
7. Canara Robeco Asset Management Company Limited
8. Canara HSBC Oriental Life Insurance Company Limited
Well, we all frequently make banking transactions and already came across the term IFSC code several times. But, how many of us actually know the meaning? It is, thus, no surprise to agree that only a few of us knows the exact meaning. Basically, IFSC stands for Indian Financial System code, which is applied during the electronic banking transactions like:
a. NEFT (National Electronic Funds Transfer),
b. RTGS (Real Time Gross Settlement),
c. IPM (Immediate Payment Service), and
d. CFMS (Centralized Funds Management System)
All these transaction methods are designed particularly by the Reserve Bank of India (RBI), which regulates the entire financial system of our country. IFSC code is an 11 digit alphanumeric character, which is an inimitable identity number for every Canara Bank branches. This unique code is generated to make the banking transactions faster, easier, and highly secured to track cash inflow and outflow. Moreover, it becomes easier for the RBI to identify the branch with Canara bank branch IFSC code, in case of any fraudulent.
IFSC Code : The first four alphabetic characters denotes the Canara bank code, the fifth character is 0, and the remaining six characters define specific Canara bank branch.
MICR is an acronym of Magnetic Ink Character Recognition. The Canara Bank MICR code is printed using the special typefaces with a unique magnetic ink that usually contains iron oxide. To read the characters of MICR code, a special machine is used. However, the characters can be easily read by humans too. The MICR code can be found at the bottom of every cheque leaf. This code is used by the RBI to fasten the cheque clearance process. Every Canara bank branch has unique MICR code which helps the RBI to quickly recognize the branch. Also, this coding structure enhances the security system of the electronic banking transactions. It also eliminates the risk of manual errors during the cheque clearance process.
MICR code : The first three digits represent the city code, next three digits are Canara bank code, and the last three are Canara bank branch code.
National Electronic Funds Transfer, or simply NEFT, is a widely used payment method that is used for transferring funds from one account to another without the need of physically depositing cheques or DDs. Under this method, individual, firms, and even corporations can transfer the funds electronically; the only condition is that the Canara bank branch need to be registered with the NEFT system.
Canara bank IFSC code is an 11 digit character code that acts as a unique identity code for each branch participating in NEFT. If you have Canara bank account in different branches, then both the accounts will have different IFSC code for different branches. You need the correct IFSC Code, in order, to conduct the NEFT fund transfer transaction.
Account holders need to fill an application form at the bank along with all the mandatory details of the beneficiary like name of the beneficiary, name of the bank and branch, IFSC code of the beneficiary bank, account number, and account type. If you have enabled net banking facilities then the fund transfer request can be accessed online without the need of rushing to the bank branch.
Benefits of NEFT system:
1. It is safe, easy, convenient, and quick
2. It does not need to send the physical cheque or DD (demand draft) of the beneficiary
3. The beneficiary is not required to visit his/her bank branch for depositing the cheque or DD
4. The system eliminates the possibility of any loss of the physical cheque or DD or any fraudulent during encashment
5. Confirmation of credit notification is sent via SMS or email
Real Time Gross Settlement or RTGS is a system that is popular for electronic fund transfer in India. A user needs both the Canara bank IFSC code and MICR code of the originating and destination branch in order to complete the transaction. Basically, RTGS fund transfer system is used for making bigger value transactions with the minimum transaction value of Rs.2 lakh, while there is no upper limit. RT (Real Time) refers to nonstop processing of fund transfer order immediately after the instruction is received (and not done at a later time), while GS (Gross Settlement) signifies that each transaction is processed separately and not bundled with other banking transactions. Generally, the beneficiary bank credits the funds to the beneficiarys account within 30 minutes of the transaction done.
However, to complete the transaction, it is compulsory for both the sending and recipient bank branch have to be RTGS enabled.
In order to commence an RTGS transfer of funds, you need to provide the following details to the Canara bank:
1. Amount to be dispatched
2. Remitting customers account number which is to be debited
3. Name of the beneficiary bank and branch
4. The IFSC and MICR Code of the recipient branch
5. Name of the beneficiary customer
6. Account number of the beneficiary customer
IMPS is an acronym for Immediate Payment Service, which is an inter-bank electronic payment system where the online transactions can be initiated. You can send and receive funds using two accounts of the participating banks. Moreover, the funds are credited immediately and both the recipient and sender do not have to wait for the successful transaction. Canara bank IFSC code is required at the time of online transaction.
Benefits of using IMPS:
The key benefit of using IMPS fund transfer method that can be accessed 24 hours a day and 7 days a week, even on bank holidays. Thus, IMPS is the fastest and real time fund transfer method. While using IMPS online transaction, users will be required to enter Canara bank IFSC and MICR code to make the fund transfer successful and secured. Also, both the receiver and sender will need an MMID (Mobile Money ID), a 7 digit code which linked to a customers mobile number to the bank account, which ensures safety to avoid any manual error for the beneficiary.
Every participating bank branches have their unique identity code. Account holders can find the IFSC and MICR code of the Canara bank branches at Applykaroo.com. Also, the IFSC Code can be found on the first page of the passbook and at the top of every cheque leaf, and MICR code can be found at the bottom of every cheque leaf. These codes can also be found on financial websites, just enter the name, city, and branch of the name.
“ Apply Karoo is one of the best and reliable destination to get Useful information.”
“User Friendly environment and Easy Information for Users.”
“Here, Getting Credit Cards Information is quite simple.”