What is the meaning of prefixes like DZ, DM, IZ etc.?

When a recipient receives a message from any provider or bank etc., a sender ID along with a prefix is displayed in the inbox. For example- VM-ICICIB, BW-Google, DM-Amazon, and VM-Redbus etc. 

The prefixes VM, BW etc. are displayed because SMS is sent in huge numbers via bulk SMS. SMS providers follow rules framed by Telecom Regulatory Authority of India (TRAI) and according to TRAI rules, 


OperatorCode
Aircel, Dishnet WirelessD
AirtelA
BSNLB
BPL Mobile/Loop TelecomL
Idea CellularI
MTNLM
Reliance CommunicationsR
Reliance TelecomE
Tata TeleservicesT
UnitechU
Vodafone 

Videocon


H & Q



OperatorCode
Andhra PradeshA
AssamS
BiharB
DelhiD
GujaratG
HaryanaH
Himachal PradeshI
Jammu & KashmirJ
KarnatakaX
KeralaL
KolkataK
Madhya PradeshY
MaharashtraZ
MumbaiM
North EastN
OrissaO
PunjabP
RajasthanR
TamilnaduT
UP-EastE
UP-WestW
West BengalV
Therefore, if you get a message like MM-MSGIND, you can interpret that you've got the message through the MTNL operator from Mumbai.