IFSC stands for Indian Financial System code. The Reserve Bank of India has distinguished the IFSC code as the code that will be used in different payment system projects in the country.
In future, the all bank branches will require a single exclusive and particular unique code, when all of them will start taking part in electronic payment system. And then the IFSC code will be utilized for this function successfully.
The code assigns a particular identification number to the braches of the banks and they are exclusive for every branch be it in same city or different. This exclusiveness removes all the confusion.
You can get IFSC codes of all banks in India from RBI website
In future, the all bank branches will require a single exclusive and particular unique code, when all of them will start taking part in electronic payment system. And then the IFSC code will be utilized for this function successfully.
The code assigns a particular identification number to the braches of the banks and they are exclusive for every branch be it in same city or different. This exclusiveness removes all the confusion.
How IFSC Code is formed?
There are 11 characters in the IFSC code. The first four characters (4!A) stand for the bank name. By default, the fifth character is ‘0’ (zero). It will be used in future. The bank branch identity is represented by the last six (6!X) characters.Where is IFSC code used?
IFSC code is used for all type of electronic money transactions. IFSC code is useful in SFMS which stands for Structured Financial Messaging System. In SFMS, it works as the addressing code in user to user message transmission. The IFSC code is also utilized in the payment system applications like RTGS, CFMS and NEFT. These applications are developed by the Reserve Bank of India.You can get IFSC codes of all banks in India from RBI website
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