IBPS PO 2016 notification has been published and application form link will be open from 26th July 2016. Many aspirants already started the preparation for Pre & Mains both. You have to prepare for mains from the beginning because after pre there is no enough time to cover all the topics.
We decided to start a new series of banking class where you will get all the important topics for your exam.
- Full form: Indian Financial System Code
- It is an AlphaNumeric Code.
- It contains 11 Characters including Digits..
- It is user for Payment and Settlement or Fund Transfer. The main two mode of fund transfer are RTGS (Real Time Gross Settlement) and NEFT (National Electronic Fund Transfer)
- It is a unique code for every branch.
- In case of RRB (Regional Rural Bank), it may be same for all branches for a single RRB.
- Among 11 Characters, First four characters represent the Bank Name. Fifth character is Zero (also called reserved character). Last six characters represent the Branch Code.
Bank Name Branch Code
- Full Form: Magnetic Ink Character Recognition
- It is a Numeric Code
- It contains 9 digits.
- It is used to make easy clearing of cheque.
- It is found on cheque on the right side of cheque number.
- Magnetic ink used in MICR code normally contains Iron Oxide.
- Among 9 digits, first three digits represent the city code of Bank Name, middle three digits represent the bank code and the last three digits represent the Branch Code.
City Code Bank Code Branch Code
- It can be easily remembered by the trick that First of all we choose a better city to move, next we choose a Perfect Bank to deposit money and at last we choose the nearest branch.
Current Financial affairs:
We will try to include this section in all banking class. It is very important to be in touch with current financial affairs.
Also Check: How to crack bank PO
- Cabinet committee on Economic affairs approved the disinvestment of 15% in National Buildings Construction Corporation Limited out of 90%.
- CCEA approved the increment of Foreign Investment in Axis Bank from 62% to 74%.
- The rate of Inflation based on CPI (Consumer Price Index) is 5.77% for June 2016.
Economic Growth of India:
- World Bank Report on Global Economic Prospects: will be 7.6% in 2016-17 and will be 7.7% in 2017-18
- World Economic Outlook (By IMF): will be 7.4% in 2016-17 and will be increase in coming months.
At last, if you want study material on any particular topic, write your topic in comment box. We will try to cover up that topic within 7 days.
All The Best.