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What Is Ifsc Code?
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Definition - What is IFSC Code (Indian Financial System Code):
• It is an alpha-numeric code that contains 11 characters.
• It is used to recognise and identify banks and their branches across the country.
• For example: One of the IFSC codes for ICICI Bank is ICIC0001206. The first four characters (ICIC0001206) represent bank code.
• The 5th character is a '0' (zero) and it is reserved as a control character (ICIC0001206).
• The remaining 6 characters are used to identify the bank branch (ICIC0001206).
The Reserve Bank of India (RBI) is India's central bank. The RBI plays an important role in the banking decisions of India. The institution is also the regulator and supervisor of the financial system and prescribes broad parameters of banking operations within which the country's banking and financial system functions. The RBI is responsible for conceptualizing and eventually implementing the IFSC code system that is dormant over the entire Banking Sector over India. The official website as well as various branches of the RBI throughout the country provide a complete list of all IFSC codes for all banks and their branches set throughout the country. The RBI implements the IFSC code-finder in the website.
• The IFSC code is used by bank branches to communicate with any other branch of any bank across India.
• IFSC codes are assigned by the Reserve Bank of India.
• The RBI holds all the IFSC codes of all bank branches and has also made it mandatory for the IFSC code to be included on cheques issued by the banks. This is the primary IFSC Code Finder process
• Every cheque issued by every branch of every bank in India now displays the IFSC code of the bank branch it is issued by.
What is IFSC code and how is it found in IFSC Code finder? IFSC Code finder works in a very simple way. Users or bank staff who wish to search for a particular bank branch’s IFSC code, access the IFSC code finder provided by the RBI to all banks or a third-party finder. They input the bank name, location and area branch and the IFSC code finder pulls up the respective IFSC code. IFSC code finder is based on a simple geo-tagged search and clutter algorithm which accepts simple information like the state, city, area and bank name and based on this information, the algorithm zeroes down on the respective bank branch that is being searched and provides its assigned IFSC codes to the user. Hope the above article has helped you to understand what is IFSC Code.
- IFSC / IFSC code stands for Indian Financial System Code
- IFSC Code helps identify banks and their branches across India
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