What is IFSC Full Form? Indian Financial System Code.

IFSC Full Form

What is IFSC Full Form?

IFSC Full Form is Indian Financial System Code.

IFSC Full Form
IFSC Full Form

Which helps in facilitating the progress of electronic payments in India. For each bank in India, it can be used to identify and classify each branch. One can instantly describe a bank and its branch within the given IFSC code. This code is clearly mentioned in the check book.

IFSC is an 11-character code in which the first four characters represent the name of the bank, and the last six characters represent the branch. The fifth character is 0 and is reserved for future use. Bank IFS codes are used by NEFT and RTGS systems to route messages to the destination banks/branches.

Bank-wise lists of IFS codes are available with all the bank-branches participating in Inter Bank Electronic Funds Transfer. The list of bank branches participating in NEFT/RTGS and their IFS codes is available on the RBI website. All banks have also been advised to print the branch’s IFS code on the checks issued by the branches to their customers. [source]

Importance of IFSC Code

RBI provides IFSC Code for identification and classification of banks and their branches providing RTGS, IMPS and NEFT facilities.

IFSC code allows RBI to verify and evaluate financial transactions without any interference and error.

RBI can clearly manage and conduct all online banking transactions through IFSC Code, RTGS, NEFT and IMPS.[source]

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