Consider the following statements with respect to IFSC code used in Banking System:begin{enumerate}item IFSC Stands for Indian Financial System Code.item It is an 11-digit alphanumeric Unique Code.item IFSC is used be the NEFT system to route the message to the destination banks/branches.end{enumerate}

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Consider the following statements with respect to IFSC code used in Banking System:

A	Only 1
B	Only 2
C	Only 3
D	All 1, 2, and 3

Explanation:

Detailed explanation-1: -The IFSC code is a 11-digit alpha-numeric code needed to transfer money between accounts in India. IFSC stands for Indian Financial System Code. The Reserve Bank of India (RBI) utilises the IFSC code for electronic money transfers between banks, as it helps them verify the transfer of resources.

Detailed explanation-2: -IFSC Code is a unique eleven-digit number which is a combination of alphabets and numbers. IFSC code is allotted by the Reserve Bank of India (RBI) to all banks and its branches.

Detailed explanation-3: -The first 4 digits of the IFSC represent the bank and last 6 characters represent the branch. The 5th character is zero.

Detailed explanation-4: -IFSC is an 11-digit alpha-numeric code that uniquely identifies a bank-branch participating in the RBI regulated funds transfer system. MICR is a 9 digit unique code that identifies bank and bank branches in the ECS for the transfer of funds via cheque.

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