Wednesday, 25 October 2017

Important Codes / Numbers Used in Financial or Banking System

Dear Aspirants,

Important Codes / Numbers Used in Financial or Banking System

There are various abbreviations used in Banking sectors that are identified with a unique digit of alphanumeric like Aadhaar Card, IFSC Code, MICR etc. So many such entities has been recently in news and there are strong chances that such type of words may appear in the exam. So, here is the compiled list of abbreviations with full form and numbers of alphanumerics used in it. 

1. IFSC Code- IFSC Code is the acronym for Indian Financial System Code developed by RBI - Reserve Bank Of India as a unique Identification code to each of the bank branches in India. The Bank IFSC Code consists of 11 alpha-numeric characters that uniquely identifies a bank-branch participating in the RTGS and NEFT system.

2. MICR- MICR (Magnetic Ink Character Recognition) is a 9 digit code and its technology used to verify the legitimacy or originality of paper documents, especially checks. Special ink, which is sensitive to magnetic fields, is used in the printing of certain characters on the original documents. 

3. Permanent Account Number (PAN)- PAN is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any "person" who applies for it or to whom the department allows the number. 

4. Aadhaar Card- Aadhaar, which means ' foundation' is a 12 digit unique-identity number issued to all Indian residents based on their biometric and demographic data.

5. TAN (Tax Collection Account Number)- Tax Deduction Account Number or Tax Collection Account Number is a 10 -digit alpha-numeric number issued by the Income-tax Department. TAN is to be obtained by all persons who are responsible for deducting tax at source (TDS) or who are required to collect tax at source (TCS).

6. Mobile Money Identifier (MMID)-  Mobile Money Identifier or MMID is a 7 digit number of a bank customer. This number is used when you try to send or receive money using the IMPS method.

7. Universal Account Number (UAN)- The UAN is a Universal Account Number with is a 12-digit pin prearranged to each member of Employee Provident Fund, EPF. The number if issued by the Ministry of Labour and Employment, Government of India. The number lets the employee connect his PF across organisations.

8. Permanent Retirement Account Number (PRAN)- PRAN is an acronym for Permanent Retirement Account Number, which is the unique and portable number provided to each subscriber under NPS and remains with him throughout. 

9. International Securities Identification Number (ISIN)- The ISIN standard is used worldwide to identify specific securities such as bonds, stocks (common and preferred), futures, warrant, rights, trusts, commercial paper and options. ISINs are assigned to securities to facilitate unambiguous clearing and settlement procedures. They are composed of a 12-digit alphanumeric code and act to unify different ticker symbols “which can vary by exchange and currency” for the same security. In the United States, ISINs are extended versions of 9-character CUSIP (Committee on Uniform Security Identification Procedures) numbers; ISINs can be formed by adding a country code and check digit to the beginning and end of a CUSIP, respectively.

10. Society for Worldwide Interbank Financial Telecommunication (SWIFT)- A SWIFT code is an international bank code that identifies particular banks worldwide. It's also known as a Bank Identifier Code (BIC). CommBank uses SWIFT codes to send money to overseas banks. A SWIFT code consists of 8 or 11 characters.

11. Legal Entity Identifier (LEI)- The LEI is a global reference number that uniquely identifies every legal entity or structure that is party to a financial transaction, in any jurisdiction. It is a unique 20 digit alphanumeric code that is assigned to a legal entity.

Important Codes / Numbers Used in Financial or Banking System


Terms Short Form Numbers/Codes
Indian Financial System Code IFSC 11– Alpha Numeric Code
Magnetic Ink Character Recognition MICR 9– Digit Code
Permanent Account Number PAN 10– Alpha Numeric Code
Tax Collection Account Number TAN 10
- Alpha-Numeric Number
Aadhaar - 12– Digit Code
Mobile Money Identifier MMID 7– Digit Code
Universal Account Number UAN 12– Digit Code
Permanent Retirement Account Number PRAN 12– Digit Code
International Securities Identification Number ISIN 12– Alpha Numeric Code
Society for Worldwide Interbank Financial SWIFT 8– 11 Alphabetic Code
Telecommunication
Legal Entity Identifier LEI 20 digit alphanumeric code


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