On 11th November 1919, Union Bank was registered as a limited company and was inaugurated by Hon. Mahatma Gandhi in Mumbai. During the year of independence in 1947, Union bank had just 4 branches (three in Mumbai and one in Saurashtra), but, in the later years, the growth of the bank accelerated and the bank was nationalized in 1969 by the Indian Government and it then had 240 branches. After getting nationalized, the bank acquired Belgaum Bank, which was a private sector bank established in 1930. Later on, in 1985, the bank acquired Miraj State Bank, established in the year 1929 and had 26 branches at the time of merger.
In 2007, Union bank began to expand its business operations across international boundaries and commenced its international representative offices in United Arab Emirates, Abu Dhabi, and Shanghai. In 2008, it launched its first international branch in Hong Kong. Currently, the offshore banking operations are led by Union bank branch in Hong Kong and recently established branches in Dubai at Dubai International Financial Centre.
Union bank offers several banking and financial services and products to meet every individual and corporate financial need. The services include personal banking, corporate banking, mobile & internet banking, loans, and credit cards. Such banking services provide convenience to its customers. However, in order to access the internet and mobile banking services securely, one needs to provide Union bank IFSC code to process the fund transfer transactions.
IFSC code is an 11 digit alphanumeric code that is used by the RBI to identify the participating Union bank branch and recipients bank branch. This code speeds up the transaction process and also eliminates the possibilities of manual error and fraudulent. You can find Union bank IFSC code printed at the passbook and cheque book provided by the banks home branch or you can search the code on banks website or other substitute websites such as Applykaroo.com.
IFSC is an Indian Financial System Code which helps the Reserve Bank of India to easily identify the participating banks through their unique identity code used to access fund transfer methods on an electronic platform. Most popular electronic fund transfer methods are NEFT (National Electronic Fund Transfer), RTGS (Real Time Gross Settlement), and IMPS (Immediate Payment System). As the digital fund transfer methods are sensitive in terms of security and reliability, RBI has passed the guidelines mentioning that it is mandatory for all bank branches to have their unique identity code, so that, the customers can access the online fund transfer transactions in a highly secured environment.
IFSC Code is a unique identity code where the first 4 characters denote the bank name, the fifth character remains zero (being the controlling character which is reserved for future use), and the remaining six digits are identified as unique bank branch code.
MICR code is printed using a special Magnetic Ink Character Recognition technology. Union bank MICR code is a machine readable code which is used for speeding up the cheque clearance process by quickly identifying the bank branch involved in the transactions. MICR is a 9 digit unique identity code, where the first three digits signify the city code, the next three digits are identified as the Union bank code, and the last three digits are recognized as the Union bank branch code. When the cheque is processed, the code is read by a magnetic reader machine which reduces the risk of any manual error during the cheque clearance process.
Both Union bank IFSC and MICR code serves the same agenda, though, in a different format. IFC and MICR codes are used for speeding up the transaction process in a highly secured environment.
Internet banking is the easiest and quickest method of banking. Online fund transfer methods are convenient than the conservative banking methods. Moreover, they are safe and save the transaction time as well. IFSC code is profoundly considerable for the online fund transfer methods such as NEFT, RTGS, and IMPS. The net banking users are required to provide the validation details for the transaction including IFSC code of the beneficiarys bank branch code in order to successfully complete the transaction.
Gone are the days when you need to stand in long queues in order to transfer funds to your relatives or friends bank account at the time of urgent requirement of funds. With the given Union bank branch IFSC code; you can quickly transfer the funds to any bank account from any corner of the globe. You can get relief from the concerns to carry out transactions in emergencies.
Reduces the risk of fraudIf you take a look at the security measures of online fund transfer methods, you need not to worry about the risk of counterfeit during the online banking transactions because with IFSC code, it is quite impossible to commit a security breach. You can check out the list of Union bank branches along with their unique identity codes at Applykaroo.com.
Constant communication possible
Indian Financial System Code helps in establishing quick and transparent transactions between two bank branches. Both the parties are notified or informed for any debit or credit transaction held to their bank accounts.
Customers are required to provide unique identity code of Union bank branch or any other bank branch to access the electronic fund transfer methods such as NEFT, RTGS, and IMPS.
1. NEFT : National Electronic Fund Transfer method was launched in November 2005, which is now managed and controlled by the Reserve Bank of India. The transactions are settled in timely batches. There are 12 settlement batches on weekdays (Monday to Friday) starting from 8 am to 7 pm; whereas, there are 6 settlement batches on Saturdays from 8 am to 1 pm.
2. RTGS : Real Time Gross Settlement, as the name suggests RTGS conducts the transactions on real-time basis. Generally, the transactions above Rs.2 lakh are preferred to RTGS fund transfer method. On successful completion of validation process done by the RBI, the beneficiarys bank account is credited with the funds within 30 minutes. However, before processing the transaction, it is suggested to check whether the bank branch is registered with NEFT/RTGS fund transfer system or not.
3. IMPS : Immediate Payment Service is an instant interbank electronic fund transfer system which can be conducted through mobile phones as well. This online system is also being extended through other digital channels such as internet banking and ATMs. Details required for IMPS method are:
a. Name of the beneficiary
b. Bank Account Number of the beneficiary
c. IFS Code of the beneficiary bank
Paperless money transfer
Another impressive privilege of introducing Union bank IFSC code system is that it facilitates paperless money transfer. You can get all the transaction history and notification for each fund transfer right at your registered mobile number with your bank home branch. Digital statements are also easy to manage and can be accessed 24*7 despite the geographical boundaries.
If you wish to search for IFSC code for your bank branch, then you can find the code printed at the passbook and cheque book provided by your bank. If you do not have your passbook or cheque book available at the moment, you can search IFSC code at your banks website or at alternative financial websites such as Applykaroo. You can also search banks branch by IFSC code. Moreover, you can get the list of all bank branches along with their unique identity codes at RBIs website or other legitimate financial websites.
Hence, the purpose of IFSC and MICR codes are to ensure that the banking transactions are relatively made simple, easy, and convenient, so that, one gets the best banking experience on either banking platform. Thus, these codes have made a remarkable position in identifying, monitoring, routing, and authenticating banking instruments for security and accuracy purpose.
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