Banking concept in the modern sense originated in the last decades of the 18th century in India. In the History of banking services India has played an important role and its first banks were Bank of Hindustan (1770-1829) and The General Bank of India, established 1786 and since defunct.
Now in modern technology era banking system became as much flexible that you can do your daily banking work by sitting in your office/home. In India the RBI Reserve Bank Of India (RBI) sets up the rule and defines guideline for all banking procedures. Banking sector is segregated as public or private sector banks, cooperative banks and regional rural banks.
For all type of electronic/online banking facilities RBI has defined some important codes like IFSC Code (Indian Financial System Code), MICR Code etc. that play an important role in terms of doing fund transfer, cheque clearance etc. The common banking can be categorised by Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT) and Centralised Funds Management System (CFMS) in which IFSC code is an important role.
Indian Financial System Code (IFSC) is an 11 digit code for identifying the bank and branch which an account is held. First four characters represent bank, Fifth character is default "0" left for future use and Last six characters represent branch.
Full form of IFSC is Indian financial system code, Ifs code is required to perform a transaction using NEFT or RTGS. This code identifies a specific branch of a bank. IFSC code can be found out on the RBI website. This code refers to your bank branch.
This system is used for electronic payment applications like National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS), an interbank electronic instant mobile money transfer service (IMPS), Immediate Payment Service, and Centralised Funds Management System (CFMS) developed by Reserve Bank of India (RBI).
This site enables hassle-free searching of the Bank code, Branch, Contact number, and Address of the bank with city name using IFSC codes on your mobile devices.
Disclaimer: - The information available on ifsccodes.com is the latest version of the RBI IFSC data with corrections done. However hard we've tried to eliminate errors there is a possibility for a few errors to creep in, which we regret deeply, but are in no way responsible for the errors. While we strongly endeavor to keep all our information accurate, users are requested to confirm information with the respective financial institution before taking any action. We shall not be liable for any errors, inaccuracies or omissions in our content. Under no circumstances shall ifsccodes.com be liable for any losses or damages whatsoever and raising any claims regarding damage caused by the use of any information provided, including any kind of information which is incomplete or incorrect, will be rejected.
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