what is IFSC code?/ what is the meaning of ifsc code?
What is IFSC Code? Do you want to know about it? And how do you know this code, few years ago there were banks, but if you want to send money to someone, then you have to go to the bank. and stand in the line and wait for your number to come. You must have found this work to be a very troublesome task, at the same time some other problems have to be faced like your time will be wasted, pain in the leg, link failure in the bank, Server Down.
what is IFSE code?
As if the bank is far away from your home, then you had to face a lot of trouble like your petrol expenses separately. But the people of the bank found a solution for this, so that these problems can be reduced further. Like if you can do money transaction sitting at home and your money reaches to whomever you are sending with complete secure.
You must go to the bank and do this type of transaction, like NEFT, RTGS and CMFS, you can do the same transaction with Net Banking, you need a code to make these transactions successful, you will know about it today.
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One more thing, although there are 125 crore people in India, it was very difficult to remember them by their names, so the Indian government has collected them all together the details through Aadhar card. Similarly, there are lakhs of banks in India, so is it possible to remember or remember the names of all of them?
They use a code or address to remember "no", what that code can be and how it is made, where to get it, today you will know about it. So what is the delay, now let us start what is IFSC Code.
what is IFSC code?
The full form of the IFSC Code System is (Indian Financial System Code). Each bank or branch has a unique code. The code is of 11 characters, which means that the Reserve Bank of India i.e. RBI has given the same IFSC code to all the branches.
Due to which RBI can easily get the address of any branch in India. This code has been given to the same branch (Sakha) which facilitates the bank's NEFT Transaction system.
This code is used in electronic payments, there are some electronic payments like NEFT, RTGS and CFMS to name a few. And people have a misconception that it is called IFSC Code. But in this the last word 'C' itself refers to a code. So this is a misconception of the people.
What happens in IFSC Code
This is an 11 digit code. Its first 4 digits tell the name of the bank. Pachma digit would be 0, it is kept for use in Bhabisyat. Bhabisyat means if new banks are opened, then it has been kept to give them the number and the last 6 digits indicate the branch code, which means where is the location of the branch.
If you give someone a check, go anywhere in India because the IFSC Code is in that document, where the banks know that the bank is from the checkbook and which is the branch (we create).
You can also find this code by looking in the check book. You must have now come to know what happens in IFSC Code and how it is formed.