The IFSC (Indian Financial System Code) is a unique alphanumeric code. It is useful in identifying each bank branch participating in the various electronic payment and settlement systems in India.
Indian Financial System Code is an 11 character code, a combination of both alphabets and numbers. First four characters of the code represent the bank name, and the last 6 unique characters represent the individual branch. The fifth character is zero in all the codes and reserved for future use by the bank.
The IFSC Code is essential in NEFT, RTGS and IMPS fund transfer systems to route the messages from any bank branch to any other bank branch in the country. Reserve Bank of India assigns these codes to all the bank branches. RBI monitors and records all the financial transactions taking place in the country using this code.