By using RTGS and NEFT transaction facility of Corporation Bank all existing customers will be allowed to transfer money from their bank account to any other account across the country at any time and from anywhere too. It is mandatory for successful transaction that both banks are in NEFT network zone. It is mandatory for all customers or users to know about Indian financial system code (IFSC) who want to transfer money to make their transaction successful and error free. As per regulation of reserve bank of India (RBI) IFSC code will be unique for all bank branches and when it comes to MICR (Magnetic Ink Character Recognition) code, this code is used for international as well as domestic transactions. These codes ensure that all performed transaction will be completed successfully without any interrupt. The reason behind introducing these codes to resolve issue of any financial fraud and make all transaction integrated.
Initially in 1906 corporation bank was established as Canara Banking Corporation Limited in Udupi and it was renamed into its current name corporation bank and currently bank head quarter is located in manglore. As of now bank is known for its prominent services across the country and making banking system easier than ever before.
Another benefit that all corporation bank customers may utilize RTGS (real time grass settlement) and NEFT (national electronic fund transfer) while paying insurance premium payment, train or bus ticket booking, trading of shares online, mobile bill payment, trading of equity, EMI payment and flight ticket booking along with other privileges. As we know that IFSC code is unique combination of 11 number and characters that contain information like name of bank, branch code along with other details. For example CORP0000359 is representing ifsc code of corporation bank Bhopal branch.
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