IFSC (Indian Financial System Code) is a unique 11-digit code assigned by the Reserve Bank of India (RBI) to identify each bank branch participating in the NEFT (National Electronic Funds Transfer) system. This code helps in enabling the efficient and quick transfer of funds between banks across India.
The first four characters of the IFSC code represent the bank name, the next character is zero, and the last six characters represent the specific branch code. By using the IFSC code, one can easily and accurately determine the bank and branch details for a particular transaction.
For instance, if you have the IFSC code for a specific bank branch, you can easily get its bank name, branch address, and other relevant information. This code is crucial in online transactions, particularly in transactions involving the transfer of funds from one bank to another.
In summary, the IFSC code plays a significant role in facilitating interbank transactions in India and serves as a unique identifier for each bank branch in the country.