Explanation:

IFSC stands for Indian Financial System Code. It is an 11 character alphanumeric code used to identify each branch of every bank in India. You can easily indentify a bank and its branch from the given IFSC code. This code is specified on the cheque book and required to transfer money through NEFT or RTGS.The IFSC Code is assigned by RBI to identify banks and their branches that provide the facility of NEFT, RTGS and IMPS. It allows RBI monitor banking transactions without any hassle and blunders. RBI can oversee and maintain all online financial transactions, namely, NEFT, RTGS and IMPS through IFSC code. The IFSC code contains 11 characters. The first 4 letters tell about the name of the bank and the last 7 letters specify the branch number.