IFSC is an 11 digit alphanumeric code and is known as Indian Financial System Code. All the banks which are participating in the electronic payment process have been designated an IFSC code by the Reserve Bank of India. It is a unique code assigned to a particular bank branch. The last 6 characters depict the branch details.
Today, when internet transactions have gained momentum even in India IFS codes play a crucial role in it.It is used in various payments in India and a useful tool for electronic payments and internet banking.
If anyone wants to transfer money or make payments using PayPal, then this IFSC code is mandatory.
The plan is to gradually cover all the bank branches under this system and allocate a single code to all of them for smooth and rapid transactions.