Friday, August 26, 2016

IFSC Code

Indian Financial System Code (IFSC) is an alpha numeric code designed to uniquely identify the bank-branches in India. 

This is 11 digit code with first 4 characters representing the banks code, the next character reserved as control character (Presently 0 appears in the fifth position) and remaining 6 characters to identify the branch. 

The MICR code has 9 digits to identify the bank-branch.  

IFSC is used by the NEFT system to identify the originating / destination banks / branches and also to route the messages appropriately to the concerned banks / branches.

Source: rbi.org.in 

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