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IFSC :
Indian
Financial System Code.
The Payment Systems such as
National Electronic Funds
Transfer (NEFT),
Real Time Gross Settlement (RTGS)
& Centralized Funds Management System (CFMS)
used IFS Codes. IFSC developed by the Reserve Bank of India.
The code consists of 11 Characters : (e.g ICIC0000168)
First 4 characters represent the
entity ( ICIC0000168
)
Fifth position has been defaulted with a '0' (Zero)
for future use (ICIC 0000168)
Last 6 character denotes the branch identity (ICIC0 000168 )
IFSC is being identified by the RBI as the code to be used for
various payment system projects within the country, and it would, in
due course, cover all networked branches. As on May 28, 2011 there are more than 77,000 RTGS enabled bank
branches. |
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