What is IFSC?
Must have heard the term in context of the online banking transactions, right? Well, the term IFSC stands for the Indian Financial System Code. It is assigned to all the banks who have registered themselves with NEFT as per the RBI norms so as to uniquely identify each of its bank branches. It is basically an eleven character code that accounts itself for various electronic payment systems such as CFMS, RTGS and NEFT.
This 11 charactered IFSC Code has been made in such a way that the first 4 alphabetic characters represent the bank, the next character stays 0(zero) and it is the branch code that takes up the last 6 characters.
We might have never noticed but on each bank note printed, the amount is written in 17 different Indian regional languages.
It was during the First World War that around 94 banks in India failed up miserably. It was between 1913 and 1918.