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The Indian Financial System Code (IFS Code or IFSC) is an alphanumeric code that facilitates electronic funds transfer in India. A code uniquely identifies each bank branch participating in the three main Payment and settlement systems in India: the National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS) systems.
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IFSC may refer to: Indian Financial System Code; International Federation of Sport Climbing; International Financial Services Centre (disambiguation), several financial areas; International Financial Services Centre, GIFT City Financial Centre in India
The bank was created from the amalgamation of Uttar Bihar Kshetriya Gramin Bank and Kosi Kshetriya Gramin Bank(transferor regional rural banks) by Government of India in 1976 as per Gazette Notification issued by the Indian Ministry of Finance under Sub-Section (1) of Section 23 A of the Regional Rural Bank Act, 1976 (21 of 1976). [4]
The Reserve Bank of India assisted the banks in amalgamating to form United Bank of India. [2] In 1961, UBI merged with Cuttack Bank (est. 6 June 1913) and Tezpur Industrial Bank (est. 6 June 1918, as the first commercial bank in Assam province). [3] Four years later, in 1965, the government of Pakistan took over the bank's branches in Pakistan.
The Bank added 200 branches in 2011 and 2012, thus increasing its domestic network to over 1,300 online branches [15] with 800 ATMs. In June 2012, UBL led a consortium which acquired a 67.4% stake in Khushhali Bank, which is the largest micro-finance institution in Pakistan. [16]
Madhyanchal Gramin Bank is a regional rural bank in India. It is under the ownership of Ministry of Finance, Government of India.It was formed by merging three rural banks in the state of Madhya Pradesh in central India namely Madhya Bharat Bank, Sharda Grameen Bank, Rewa Sidhi Grameen Bank, sponsored by State Bank Of India, Allahabad Bank and Union Bank of India.
2017 HBL opened a branch in China at Ürümqi High-tech Industrial Development Zone. [22] 2021 HBL became the first Pakistani bank to open a branch and serve clients in Beijing, China. [23] [24] Map depicting worldwide operations of HBL Pakistan. Highlighted countries have branches, subsidiaries and/or representative offices of the bank.