IFSC Full Form
The Full form of IFSC is The Indian Financial System Code. IFSC is an eleven character alphanumeric code used to identify each branch of every bank in India. The first 4 alphabetic characters representing the bank, and the last 6 characters (usually numeric, but can be alphabetic) representing the branch. A person can easily indentify a bank and its branch from the given IFSC code. IFSC code is specified on the cheque book and needed to transfer money through National Electronic Fund Transfer (NEFT) or Real Time Gross Settlement (RTGS). To get the IFSC code of any bank, you must have bank’s name, state’s name where the bank is located, district’s name and the branch’s name or address. The IFSC Code is assigned by RBI to identify banks and their branches that provide the facility of RTGS, NEFT and IMPS. It allows monitoring banking transactions without any hassle and blunders. RBI can oversee and maintain all online financial transactions, namely, NEFT, RTGS and IMPS through IFSC code.