BANKING AFFAIRS

Detailed explanation-1: -IFSC stands for Indian Financial System Code. It is a 11-digit alpha-numeric code that uniquely identifies a bank branch participating in any RBI regulated funds transfer system. The IFSC code helps to transfer money using RTGS, NEFT or IMPS method.

Detailed explanation-2: -The code is used to identify the bank branch on the National Electronics Funds Transfer (NEFT) network. This code is mandatory for all online funds transfers, including RTGS, NEFT, and Immediate Payment Service (IMPS). The first four characters of the IFSC is a signifier of the bank.

Detailed explanation-3: -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-4: -Indian Financial System Code (or more commonly known as IFSC code) is an 11-digit alpha-numeric code used to uniquely identify bank branches within the National Electronic Funds Transfer (NEFT) network by central bank.

Detailed explanation-5: -IFSC is short for Indian Financial System Code and represents the 11 digit character that you can usually see on your bank’s cheque leaves, or other bank sponsored material.