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Indian Financial System Code (IFSC) is a unique code that is assigned to each bank branch in India for the purpose of identifying and facilitating electronic fund transfers. It is an 11-digit code that consists of a combination of letters and numbers.
The first four characters of the IFSC code represent the bank's name, while the fifth character is always 0 (zero). The last six characters represent the bank branch's unique code.
For example, the IFSC code for the State Bank of India (SBI) branch in Mumbai might be SBIN000000, where "SBIN" represents the bank's name and "000000" represents the branch's unique code.
IFSC codes are used by the Reserve Bank of India (RBI) and the National Electronic Funds Transfer (NEFT) system to facilitate electronic fund transfers between banks and other financial institutions. They are also used by the Unified Payments Interface (UPI) system to facilitate real-time peer-to-peer transactions.
To find the IFSC code for a particular bank branch in India, you can check with the bank or search online using the bank's name and the branch's location. You can also find IFSC codes on the RBI's website or by using a search tool provided by the National Payment Corporation of India (NPCI).
