IFSC code is a code that is allotted to banks and their branches. This is an alphanumeric code.
IFSC is known as the Indian Financial System Code.
This code is standardly 11 characters long. For every bank and branch, there is a unique IFSC code that helps in identification and bank transfers in India. The number can also be seen in checkbooks provided by the bank. IFSC code comes under a necessary requirement for electronic money transfers via NEFT and RTGS modes.
IFSC Full Form
For a bank to be able to get an IFSC code there are the following requirements:
- Name if the bank
- The location of the bank ( state)
- The specific district location of the bank
- Address and name allotted to the branch
All the transactions are tapped and managed by the RBI. This IFSC is thereby provided by the RBI to provide different banks and their branches a separate identity which makes it easy for RBI to manage transactions that are happening.
RBI can also manage online transfer that occurs via NEFT, RTGS, and IMPS. The IFSC code is allotted in a fixed format that allows 4 characters that are specific for the name of the branch whereas 7 characters are for the specific branch number.
For example, if “ KOTK” is the branch name, then “0000999” represents the branch number. This is used in all electronic transfers.
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