Bihar Gramin Bank KORAWAN IFSC Code

This article provides details for the Bihar Gramin Bank KORAWAN branch, located in Nalanda district, Bihar. When you need to send or receive money electronically, especially through systems like NEFT, RTGS, or IMPS, an Indian Financial System Code (IFSC) is absolutely essential. It ensures your funds go to the correct bank and branch without errors. This unique code acts like a digital address, making your online transactions secure and efficient.

Branch Details Table

Bank Name	Bihar Gramin Bank
Branch Name	KORAWAN
IFSC Code	PUNB0MBGB06
MICR Code	800811002
Branch Code	7523
Branch Address	KORAWAN, Nalanda, 801302, 7541807523
Contact Number	7541807523
City	Nalanda
District	Nalanda
Reason	BIHARSHARIF
Pincode	801302
State	Bihar

Merger Update

While the KORAWAN branch is known as Bihar Gramin Bank, its IFSC code, PUNB0MBGB06, reflects a significant merger. Previously, banks like Uttar Bihar Gramin Bank (UBGB) and Dakshin Bihar Gramin Bank (DBGB) existed. These banks, along with others, have merged to form a single entity, now operating under the sponsorship of Punjab National Bank. As a result, all branches, including those associated with the former regional rural banks, now use a unified IFSC code structure, which begins with PUNB0MBGB.

It is critical to understand that any old IFSC codes that belonged to the former Uttar Bihar Gramin Bank or Dakshin Bihar Gramin Bank are no longer valid for transactions. For any fund transfers to this branch, you must use the new, consolidated IFSC code: PUNB0MBGB06. Using an outdated code will result in transaction failure.

What is IFSC Code?

The IFSC (Indian Financial System Code) is an 11-character alpha-numeric code assigned by the Reserve Bank of India (RBI) to identify all bank branches participating in electronic fund transfers. It is unique to each branch and helps route money accurately.

The structure of an IFSC code is straightforward:

• The first four characters represent the bank name. For PUNB0MBGB06, “PUNB” stands for Punjab National Bank, the sponsoring bank for the merged entity.
• The fifth character is always a zero (0). This character is reserved for future use and helps differentiate the bank code from the branch code.
• The last six characters identify the specific branch. In our example, “MBGB06” identifies the KORAWAN branch within the merged bank network.

How to Use IFSC Code

Using the IFSC code is a key part of most electronic fund transfers. Here’s a simple breakdown for common methods:

For NEFT (National Electronic Funds Transfer):

1. Log in to your bank’s online banking portal or mobile app.
2. Select the “NEFT” option for fund transfer.
3. Add the beneficiary (the person or entity you are sending money to). You will need:
   • Beneficiary’s Name
   • Beneficiary’s Account Number
   • Confirm Beneficiary’s Account Number
   • Beneficiary Bank Name (Bihar Gramin Bank)
   • Beneficiary Branch Name (KORAWAN)
   • The IFSC Code (PUNB0MBGB06)
4. Enter the amount you wish to transfer.
5. Confirm the details and complete the transaction.

For RTGS (Real Time Gross Settlement):

1. RTGS is typically used for large-value transactions (usually above 2 lakh rupees). The steps are similar to NEFT.
2. Log in to your bank’s online banking or visit a branch.
3. Choose the “RTGS” option for transfer.
4. Provide the same beneficiary details as for NEFT, including the IFSC Code (PUNB0MBGB06).
5. Enter the transfer amount.
6. Review and confirm to process the real-time transfer.

For IMPS (Immediate Payment Service):

1. IMPS allows instant, 24/7 fund transfers.
2. Open your mobile banking app or use internet banking.
3. Select the “IMPS” option.
4. You can typically transfer using:
   • Account Number + IFSC: Enter the beneficiary’s account number and the IFSC Code (PUNB0MBGB06).
   • Mobile Number + MMID: (Mobile Money Identifier) – While not directly using IFSC, this is another common IMPS method.
5. Enter the amount.
6. Confirm details and authorize the immediate transfer.

Benefits of Knowing IFSC Code

Knowing the correct IFSC code for a bank branch offers several important advantages:

• Accurate Transfers: It ensures your money reaches the intended beneficiary’s account at the specific branch, preventing misdirected funds.
• Secure Transactions: By uniquely identifying the branch, it adds a layer of security to electronic transfers.
• Faster Processing: Correct IFSC codes help systems process NEFT, RTGS, and IMPS transactions quickly and efficiently.
• Mandatory for Online Banking: It is a required piece of information for all major online fund transfer methods.
• Convenience: You can initiate transfers from anywhere, anytime, without needing to visit the bank branch physically.

Contact Section

For any inquiries or assistance related to the Bihar Gramin Bank KORAWAN branch, you can use the following contact details:

• Branch Phone Number: 7541807523
• Branch Address: KORAWAN, Nalanda, 801302, 7541807523
• Head Office Address (for the overall bank): SHRI VISHNU COMMERCIAL COMPLEX, ASOCHAK, PATNA-800030, BIHAR
• Toll-Free Number (for general queries): 18001807777

FAQs

What is the IFSC code for Bihar Gramin Bank KORAWAN branch?

The IFSC code for Bihar Gramin Bank KORAWAN branch is PUNB0MBGB06. This code is essential for all electronic fund transfers.

Is the MICR code 800811002 important for online transfers?

While the IFSC code is primarily used for NEFT, RTGS, and IMPS, the MICR (Magnetic Ink Character Recognition) code 800811002 is crucial for processing paper-based cheque transactions. For online transfers, the IFSC code is the key identifier.

Are old IFSC codes for former regional rural banks still valid for this branch?

No, any old IFSC codes previously associated with Uttar Bihar Gramin Bank (UBGB) or Dakshin Bihar Gramin Bank (DBGB) are no longer valid. Due to the merger, all branches now operate under the unified IFSC code PUNB0MBGB06. Always use the new code for your transactions.

What types of transactions require an IFSC code?

The IFSC code is required for all major electronic fund transfer methods, including NEFT (National Electronic Funds Transfer), RTGS (Real Time Gross Settlement), and IMPS (Immediate Payment Service). It is also often needed when setting up beneficiaries for online payments or for certain payment gateway transactions.

How can I verify if I have the correct IFSC code?

You can verify the correct IFSC code in several ways:

• Check your beneficiary’s bank passbook or cheque leaf.
• Visit the official website of Bihar Gramin Bank or Punjab National Bank (the sponsoring bank).
• Use the RBI’s official website to search for bank branch details.
• Contact the branch directly using the provided phone number.