Question

IFSC stands for

• A. Indian Financial Service Code
• B. International Financial Service Code
• C. Indian Financial System Code
• D. International Financial System Code

Answer 1

Answer:

C. Indian Financial System Code

• The full form of IFSC is the Indian Financial System Code.

• IFSC code is an alphanumeric code of 11 characters, which helps to smooth the progress of electronic payments in India.

• For every bank in India, it can be used to identify and classify each branch.

• An individual may immediately describe a bank and its branch within the given IFSC code. This code is explicitly mentioned in the cheque book.