In the context of the banking system in India, what does IFSC stand for?

Options

A. Indian Financial Structural Cod
B. Indian Functional System Calculation
C. Indian Financial System Code
D. Indian Financial Social Code

Answer

C

Explanation

IFSC (Indian Financial System Code) is an 11-digit alphanumeric code that helps to identify different bank branches that deal with online fund transfer either via NEFT (National Electronic Funds transfer ), IMPS (Immediate Payment Service) or RTGS (Real Time Gross Settlement). First four characters of the IFSC code are letters which indicate the name of the bank and the other seven are digits.