Discussion
What is the full form of "IFSC"?
Answer: B
Correct answer: Indian Financial System Code
The Indian Financial System Code is the eleven-character code identifying a specific bank branch in India's electronic payment systems.
Its structure carries meaning: the first four characters are the bank, the fifth is always zero and reserved, and the last six identify the branch. Every NEFT and RTGS instruction requires it, because a beneficiary account number alone is not unique across banks. It is distinct from the MICR code, which identifies a branch for cheque clearing rather than for electronic transfer.
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