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IFSc 11 digit alpha numeric code that is used to identify the bank branch who are participating in RBI regulated funds transfer system.
MiRc code is used for checque clearance that is processing by the machine
I appreciate the effort of copying what's in this site below to define the meaning of IFSc and MiRc.MiRc code is used for checque clearance that is processing by the machine
here's the link: https://www.google.com/amp/s/m.economictimes.com/wealth/save/all-you-need-to-know-about-ifsc-and-micr/amp_articleshow/58678846.cms
I am not quite familiar with those codes so I browsed a little. Giving its meaning would be pointless because it can be searched through various search engines or simply using the internet. Based on what I have read, IFSC is used in India simply to determine or tract the transactions wherein the name of the bank and its branch is included in this code. IFSC I think is exclusive in India and there's SWIFT code which is being used across the globe by banks in general.
I got this info from the link below:
https://keydifferences.com/difference-between-swift-code-and-ifsc-code.html
MICR codes on the other hand are used in order to identify and promote a more convenient transaction which I think is more concerned with transactions involving cheques.
I think this topic should be moved to other section because this is only concerned with definitions.