Explanation:

Bank identification numbers or BIN codes are the first four to six numbers found on your credit or debit card. The system assigns a unique set of digits to financial institutions so it can be easier to locate the source of a transaction even if you’re from India and the merchant is based in another country. It is crucial in the process of matching the actions performed by the issuer of the card and the receiving party.
BIN codes are also known as issuer identification numbers or IIN. The American Bankers Association or ABA is in-charge of overseeing the ISO Register of Issuer Identification Numbers list, and they are also responsible for assigning BIN codes to issuers. You can find the BIN code of a particular bank through an online bin database without difficulty.

Generally, these databases show the type of card, whether it’s debit or credit, and the brand. It also provides information on the level of the card if it is classic, standard, gold, platinum, or has a world signia.