Get Correct IFSC Code for Safe Banking
IFSC (Indian Financial System Code) is a unique identity character of a bank’s branch. One can find these unique characters on the Cheque book, printed below bank’s name and address of the branch. The code is designed uniquely and has 11 alphabetic and numeric characters.
The banking system in India has become so advanced and convenient that people can deal their bank related issues easily and comfortably. Now,
they do not require visiting their bank’s branch for depositing or withdrawing money, making demand drafts because all these tasks can be done from their own home by using a PC or laptop that has an internet connection. This new revolution in the banking system is also known as internet or online banking.
The online banking not only provides information on transactions, but you can operate 90 % of your banking works through it. It has also incorporated electronic funds transfer system that make it possible to transfer funds from one bank to another without going through paper based money transfer procedure.
Many Indian banks have incorporated RTGS and NEFT payment techniques in their system to provide users fast and convenient banking. These are two most common fund transfer technologies used by individuals for inter-India money transactions. It is required that the individuals who transfer their funds using RTGS (Real Time Gross Settlement) and NEFT (National Electronic Funds Transfer) system, must provide correct IFSC code along with another bank related information during the procedure.
IFSC (Indian Financial System Code) is a unique identity character of a bank’s branch. One can find these unique characters on the Cheque book, printed below bank’s name and address of the branch. The code is designed uniquely and has 11 alphabetic and numeric characters.
The first four characters of IFSC code are alphabets that signify bank’s name, fifth is zero and rest six characters are branch code. These unique alpha-numeric numbers are issued and managed by the reserve bank of India. RBI also makes changes in these codes time to time to make electronic funds transfer system safe and secure.
The Reserve Bank of India (RBI) is a banker of all Indian banks and issuer of Indian currency and also known as centralised bank of India. RBI secures monetary stability and maintains reserves. The banking system in the country is also supervised by RBI. It issues licenses for the establishment of new banks and their branches, decides their minimum reserves, and guides and directs all commercial banks in the country.
The issue of IFSC code to RTGS and NEFT enabled banks is also a part of RBI’s activities and by maintaining the code, it controls electronic funds transfer system in all Indian banks.
