What is IFSC?

Indian Financial System Code or as known, IFSC, is the addressing code for user-to-user transmission of message in SFMS or as known Structural, Financial Messaging System. But one thing that you may wish to ask is the application of these codes. Well, they are in fact used by Payment System Applications. The examples include RTGS, NEFT and CFMS and it was RBI that is responsible for this wondrous development.

This code comprises of 11 characters in all. The initial four characters represent the entity. Then the next position is held by ZERO (0) as default for future usage. The following and left over characters are for branch identity.The IFSC code is identified by Reserve Bank of India, RBI to be applied for numerous payment system projects that are in the boundary of the country.

This code would cover the branches that are networked in the entire country. Then the banks would need one unique code that is easily identifiable when every bank participates in the electronic system of payment. This is where the purpose and potential of IFSC  will be effective. This code can be located for any bank on official site of RBI or on 3rd party blogs like http://www.bankifscnumbers.com/.