Monday, January 18, 2010

What is IFSC Code

This is the second post in the series of Jargons of Online Banking.

  • IFSC stands for Indian Financial System Code.

  • It is used as the addressing code in user-to-user message transmission. The Payment System Applications such as RTGS, and NEFT developed by the Reserve Bank of India use these codes.

  • The code consists of 11 Characters - First 4 characters represent the entity, Fifth position has been defaulted with a '0', and last 6 characters denote the branch identity.

  • When all the bank branches participate in electronic payment systems, they would need to have a single identifiable unique code and IFSC would serve the purpose effectively.

  • IFSC code list can be found here. It seems RBI has not put this list on their site. Or if I am unable to find it, please help me.
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