You can also find the designation
BIC bank .
Bank Identification Code (БИК) is a nine-digit unique code of a credit institution. It is intended for identification of settlement participants and is a mandatory element of the details of any bank. BIC is used inpayment documents on the territory of Russia. It allows you to determine the name, correspondent account and regional location of the bank, as well as the division of the Central Bank of the Russian Federation responsible for itsregistration and maintenance. The BIC is used as the identification code of a banking institution. With the help of the BIC, it is possible to determine the exact name of a financial organization.
The code is assigned by the Bank of Russia, which maintains the corresponding BIC classifier.
For cash and settlement centers within the Bank of Russia, these values take the form "000". For the head settlement and cash center and other departments performing its functions – "001". For other divisions of the settlement network of the Central Bank of the Russian Federation and structural divisions of the Bank of Russia, these values correspond to "002".
The directory of bank identification codes can be found on the website of the Central Bank of the Russian Federation.
So, what have we found out? That when banking institutions operate on the territory of the Russian Federation, special codes are used to identify such institutions. This code is called Bank Identification code(
So why do we need a BIC, and what does its presence or absence matter to financial market participants? The first thing to remember is that this code is a mandatory requisite of a financial institution, and is used to identify a bank or financial institution during the execution of payment transactions. Having learned the bank identification code (
Separately, we note the absence of a bank identification code (