Question
Download Solution PDF______ is an alphanumeric code that uniquely identifies a bank-branch participating in the NEFT system.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is IFSC.
- IFSC is an alphanumeric code that uniquely identifies a bank-branch participating in the NEFT system.
Key Points
- National Electronic Funds Transfer (NEFT) is a mode of online funds transfer that is introduced by the Reserve Bank of India (RBI).
- It quickly transfers money between banks throughout India.
- A bank branch must be NEFT enabled for a customer to be able to transfer the funds to another party.
- It was started in November 2005, the setup was established and maintained by Institute for Development and Research in Banking Technology.
Additional Information
- IFSC (Indian Financial System Code) is an 11 digit alphanumeric code that is used to identify the bank branch of your account.
- The first 4 characters of the IFSC code represent the name of the bank, the fifth character is 0 and the last 6 numbers define the branch code of the bank.
Important Points
- STP: Segmentation, targeting, and positioning.
- SFMS: Structured Financial Messaging System.
- RTGS: Real-Time Gross Settlement.
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