Bihar Gramin Bank Shyam Bazar IFSC Code

The Shyam Bazar branch of Bihar Gramin Bank is located in the Banka district of Bihar. For anyone looking to send or receive money online through this branch, understanding its Indian Financial System Code (IFSC) is essential. This unique 11-character code is required for all major electronic fund transfers in India, including NEFT, RTGS, and IMPS. It acts like a specific address, ensuring that your funds are routed directly to the correct bank branch without any errors or delays.

Branch Details

Merger and IFSC Update

Many regional rural banks in Bihar have undergone mergers and are now sponsored by larger national banks. For instance, Dakshin Bihar Gramin Bank, sponsored by Punjab National Bank (PNB), was formed through such a process. The IFSC code for its branches now reflects this sponsorship. The code PUNB0MBGB06 begins with ‘PUNB’, which is the identifier for Punjab National Bank. This indicates PNB’s role as the sponsor bank in the national payment system. It is important to note that any old IFSC codes used by banks before the mergers are now invalid. Using an old code will cause your transaction to fail, so always use the new, updated IFSC for all transfers.

What is an IFSC Code?

The IFSC is an 11-character alphanumeric code that uniquely identifies a bank branch participating in the NEFT system. The Reserve Bank of India (RBI) assigns these codes to ensure that electronic payments are processed efficiently and accurately. The structure is simple to understand.

Let’s break down the IFSC code PUNB0MBGB06:

• PUNB: The first four letters represent the bank’s name. In this case, it signifies Punjab National Bank, the sponsor bank.
• 0: The fifth character is always a zero. It is reserved for future use.
• MBGB06: The last six characters identify the specific branch. For this code, it points to the Shyam Bazar branch.

How to Use the IFSC Code for Fund Transfers

Using the IFSC code for an online money transfer is a straightforward process. Whether you are using a mobile banking app or a desktop website, the steps are generally the same.

1. Log in to your internet banking account or mobile banking application.
2. Navigate to the ‘Fund Transfer’ section and select your preferred method: NEFT, RTGS, or IMPS.
3. Add a new beneficiary or select an existing one. You will need to enter their name and account number.
4. In the designated field, enter the beneficiary’s IFSC code: PUNB0MBGB06. Double-check the code to ensure it is correct.
5. Enter the amount you wish to transfer, add any remarks, and confirm the transaction, usually with an OTP or transaction PIN.

Benefits of Using the Correct IFSC

• Accurate Routing: The primary benefit is that your money is sent to the exact bank branch you intend. It eliminates the risk of funds being misdirected.
• Faster Processing: A correct IFSC code allows for automated processing, which means your transactions clear faster without manual intervention or delays.
• Reduced Errors: It acts as a layer of verification. If the IFSC and account number details do not match what the system expects, the transaction is often stopped, preventing potential errors.
• Enables Digital Banking: Without the IFSC, popular and convenient transfer methods like NEFT and RTGS would not be possible.

Contact Information

For any direct inquiries, you can reach out to the branch or the bank’s head office.

• Branch Phone Number: 8102918768
• Branch Address: Shyam Bazar, Banka, Bihar – 813104
• Head Office Address: SHRI VISHNU COMMERCIAL COMPLEX, ASOCHAK, PATNA-800030, BIHAR
• Toll-Free Number: 18001807777

Frequently Asked Questions

What happens if I enter the wrong IFSC code?

If the IFSC code you enter does not exist, the transaction will be rejected, and the money will be credited back to your account. If the code exists but belongs to a different branch, the transfer might be delayed or misdirected, requiring you to follow up with the bank.

Is the IFSC code required for UPI payments?

No, you do not need to manually enter an IFSC code for UPI transactions. UPI uses a Virtual Payment Address (VPA), like yourname@bank, which simplifies the process. The banking system, however, still uses IFSC codes in the background to route the payment.

Do I need a different IFSC code for NEFT, RTGS, and IMPS?

No, the same IFSC code (PUNB0MBGB06 for the Shyam Bazar branch) is used for all three transfer types. The code identifies the branch, not the type of transaction.

Where can I find my bank’s IFSC code?

The IFSC code is printed on your bank’s chequebook leaves and on the first page of your passbook. You can also find it on your bank’s official website or mobile app.

Has the IFSC code for the Shyam Bazar branch changed recently?

Yes, due to bank mergers and sponsorship changes, IFSC codes for many regional rural banks have been updated. It is crucial to use the new code, PUNB0MBGB06, and stop using any older codes you might have saved.

Kriti Kumari

Kritti Kumari is a banker and MBA graduate who writes about banking, finance, and customer-friendly services. She simplifies complex financial products into easy guides, helping readers understand Bihar Gramin Bank’s offerings and make smarter money decisions.