IFSC is the abbreviation of the Indian Financial System Code. IFSC can be an alphanumeric code of 11-character code with the initial four alphabetic characters representing the lender, The fifth character is 0 (zero) and the final seven characters usually numeric, but can be alphabetic representing the branch. This alphanumeric code uniquely identifies a branch of the bank participating in the two main electronic funds settlement systems in India.
THE TRUE Time Gross Settlement (RTGS)
The National Electronic Funds Transfer (NEFT) systems.
Reserve Bank of India is the central banking institution of India which controls the Indian rupee and all banks. sbi ifsc codecontrols inter-bank money transfers in every over India banks, through RTGS and NEFT. Reserve Bank of India is fully owned by the government of India. IFSC Codes to all the lenders in India are given by RBI. IFSC code is unique for each branch.
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