IFSC Full Form | Full Form IFSC | What is the full form of IFSC
IFSC Full Form - Indian Financial System Code
Indian Financial System Code
- IFSC stands for Indian financial system Code. It’s an 11 character alphanumeric code used to identify each branch of every bank in India.
- You can easily indentify a bank and its branch from the given IFSC code.
- This code is specified on the cheque book and required to transfer money through NEFT or RTGS.
- To get the IFSC code of any bank, you must have the following information.
- Bank's name
- State's name where the bank is located
- District's name
- Branch's name or address
IFSC Code of Any Bank
- The IFSC Code is assigned by RBI to identify banks and their branches that provide the facility of NEFT, RTGS and IMPS.
- It allows RBI monitor banking transactions without any hassle and blunders.
- RBI can oversee and maintain all online financial transactions, namely, NEFT, RTGS and IMPS through IFSC code.
Format of the IFSC Code
- The IFSC code contains 11 characters.
- The first 4 letters tell about the name of the bank and the last 7 letters specify the branch number.
The IFSC code of SBI Modinagar is SBIN0000738.
- Here "SBIN" shows the name of the bank and "0000738" shows the branch number. IFSC Code is used to transfer money from one branch to another branch through RTGS or NEFT, i.e. to facilitate online and electronic transfer of money.
Importance of IFSC code
- RBI provides the IFSC Code for the identification and classification of banks and their branches that provide RTGS, IMPS and NEFT facilities.
- IFSC code allows RBI to verify and evaluate financial transactions without disruption and error.
- RBI can administer and handle all online banking transactions via IFSC code, explicitly RTGS, NEFT and IMPS.