is an alphanumeric code that uniquely identifies a bank branch participating in the NEFT system ........

Static GK (CGL) Banking Awareness

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______ is an alphanumeric code that uniquely identifies a bank-branch participating in the NEFT system.

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SSC CGL 18th August 2021 Shift-1

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STP

SFMS

IFSC

RTGS

Explanation:

- STP (Straight Through Processing): Refers to the process of automating the entire transaction flow without manual intervention, not directly related to identifying bank branches.

- SFMS (Structured Financial Messaging System): A messaging standard used for financial transactions in India, similar to SWIFT, but it does not identify bank branches.

- IFSC (Indian Financial System Code): An alphanumeric code used to uniquely identify a bank branch in India for electronic payment applications like NEFT, RTGS, and IMPS.

- RTGS (Real-Time Gross Settlement): A system for continuous, real-time settlement of funds transfers, not a code for branch identification.

Correct Answer: Option:3 - IFSC