What is the full form of IFSC?
The full form of IFSC is Indian Financial System Code. It is a unique 11-character alphanumeric code used by the Reserve Bank of India (RBI) to identify individual bank branches that participate in the country’s payment and settlement systems. The IFSC code is used for RTGS (Real-Time Gross Settlement), NEFT (National Electronic Funds Transfer), and IMPS (Immediate Payment Service) transactions, making it an important component of the Indian financial system.
IFSC codes are used by customers and banks to facilitate money transfers, allowing banks to easily identify the destination bank branch for a transaction. They help to ensure the safe, secure, and efficient transfer of funds within the Indian banking system.