Bihar Gramin Bank BANKEY BAZAR IFSC Code

This article provides details about the Bihar Gramin Bank branch located in Bankey Bazar, Gaya, Bihar. Understanding the Indian Financial System Code (IFSC) for this branch is crucial for various electronic fund transfers. Whether you are sending money through NEFT (National Electronic Funds Transfer), RTGS (Real Time Gross Settlement), or IMPS (Immediate Payment Service), the correct IFSC code ensures your funds reach the intended recipient’s bank account accurately and without delay.

Branch Details

Here are the specific details for the Bihar Gramin Bank, Bankey Bazar branch:

Bank Name	Bihar Gramin Bank
Branch Name	BANKEY BAZAR
IFSC Code	PUNB0MBGB06
MICR Code	800811002
Branch Code	7216
Branch Address	BANKEY BAZAR, Gaya, 824217, 9771464216
Contact Number	9771464216
City	Gaya
District	Gaya
Reason	GAYA
Pincode	824217
State	Bihar

Merger Update

The Bankey Bazar branch in Gaya, operating under the Bihar Gramin Bank, uses the IFSC code PUNB0MBGB06. It’s important to understand the structure of regional rural banks in Bihar. The ‘MBGB’ in the IFSC code stands for Madhya Bihar Gramin Bank, which is sponsored by Punjab National Bank.

In a broader move to consolidate and streamline operations across Bihar’s regional rural banks, institutions like Uttar Bihar Gramin Bank (UBGB) and Dakshin Bihar Gramin Bank (DBGB) have undergone a significant merger. This consolidation brings them under a unified framework, sponsored by Punjab National Bank. Consequently, any old IFSC codes previously used by UBGB and DBGB are no longer active or valid for transactions. For these merged entities, a single, unified IFSC code, such as PUNB0MBGB06, is now in use for all electronic fund transfers. This helps standardize banking processes and ensures smoother transactions across the region.

What is an IFSC Code?

The IFSC Code, or Indian Financial System Code, is a unique 11-character alphanumeric code. The Reserve Bank of India (RBI) assigns this code to every bank branch in the country. It acts like a digital address, ensuring that money transferred electronically reaches the exact branch it’s meant for.

The 11 characters of an IFSC code are structured in a specific way:

• The first four characters represent the bank’s name. For example, ‘PUNB’ indicates Punjab National Bank, which is the sponsor bank for Madhya Bihar Gramin Bank.
• The fifth character is always a ‘0’ (zero). This character is reserved for future use and helps distinguish bank codes from branch codes.
• The last six characters identify the specific bank branch. For the Bankey Bazar branch, these are ‘MBGB06’.

How to Use an IFSC Code

Using an IFSC code is straightforward when you need to send or receive money electronically. Here’s how it’s typically used for NEFT, RTGS, and IMPS transactions:

1. Gather Beneficiary Details: You will need the recipient’s full name, their bank account number, and the bank name along with the specific branch name.
2. Input the IFSC Code: When initiating a fund transfer online through net banking or a mobile banking app, or filling out a physical form at the bank, you will be prompted to enter the beneficiary’s IFSC code.
3. Verify Details: The system often automatically populates the bank and branch name once you enter the IFSC code. Always double-check that these details match the beneficiary’s information to avoid errors.
4. Enter Amount: Specify the amount you wish to transfer.
5. Confirm Transaction: Review all the details one last time before confirming the transaction.

For example, if you are sending money to someone with an account at the Bihar Gramin Bank, Bankey Bazar branch, you would use ‘PUNB0MBGB06’ as the IFSC code along with their account number.

Benefits of Knowing Your IFSC Code

Knowing the correct IFSC code for your bank branch offers several key advantages:

• Accurate Fund Transfers: It ensures your money goes to the right bank and the correct branch, preventing transfers to unintended accounts.
• Enables Digital Transactions: The IFSC code is mandatory for all electronic transfers like NEFT, RTGS, and IMPS, allowing you to move money quickly and conveniently.
• Prevents Errors: By uniquely identifying each branch, it significantly reduces the chances of errors in financial transactions.
• Speeds Up Processing: Correct use of the IFSC code helps banks process your transactions faster, leading to quicker crediting of funds.
• Standardized System: It provides a uniform and reliable system for inter-bank fund transfers across India.

Contact Information

• Branch Phone Number: 9771464216
• Branch Address: BANKEY BAZAR, Gaya, 824217
• Head Office Address: SHRI VISHNU COMMERCIAL COMPLEX, ASOCHAK, PATNA-800030, BIHAR
• Toll-Free Number: 18001807777

Frequently Asked Questions (FAQs)

Q1: What does IFSC stand for?
A1: IFSC stands for Indian Financial System Code. It’s a unique identifier for bank branches in India.

Q2: Is the fifth character of an IFSC code always zero?
A2: Yes, the fifth character of every IFSC code is always ‘0’ (zero). It’s reserved for future use and helps maintain the code’s structure.

Q3: Can I transfer money electronically without an IFSC code?
A3: No, an IFSC code is essential for initiating electronic fund transfers such as NEFT, RTGS, and IMPS. It guides the money to the correct recipient branch.

Q4: Where can I find the IFSC code for my bank branch?
A4: You can typically find your branch’s IFSC code on your bank passbook, your chequebook, on the bank’s official website, or by using the search tools available on the Reserve Bank of India’s website.

Q5: What happens if I use an incorrect IFSC code for a transaction?
A5: If you use an incorrect IFSC code, your transaction will most likely fail and the funds will not be transferred. In some rare cases, if the incorrect code corresponds to a valid but different branch, the money might be sent to the wrong account. Always double-check the IFSC code to ensure accuracy.