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I built the application using rails-api. To run the code, clone the repo and cd into the directory. Run rails server in your terminal. Visit the URLs described in the following paragraph.
Currently, api parses and saves data to postgreSQL from truncated file by visiting localhost:3000/banks
Afterward, the individual bank data can be accessed by visiting localhost:3000/banks/:routing_number
Still needs validations for unique routing_numbers and a better way of parsing the data (currently, using Ruby's unpack method but a gem would be better). Also, needs to pull data from URL instead of saved data file.