The Indian Financial System Code (or IFSC) is an 11-digit alpha-numeric code assigned by the Reserve Bank of India to identify every bank branch participating in the payment system uniquely. This code is used by electronic payment system applications such as RTGS, and NEFT. It is mandatory for fund transfers from one bank account to another. Every bank branch will have a unique code and no two branches (even of the same bank) will ever be the same.
In Indian Bank's 11-digit
IFSC code, the first four letters will be 'IDIB', and the last 6 digits will represent a specific branch code. For example, the
IFSC code of the
Indian Bank branch on 106 & 107 Aurobindo Place, DDA Commercial Complex, Delhi 110016, is IDIB000H019. Here, 00H019 is the branch code.
According to the bank's annual report for the financial year 2016-17, 117 branches and 574 ATMs/BNAs were opened during the year to touch 6037 delivery points, including 2,679 brick and mortar branches and 3,358 ATMs.
RTGS timings Customer Transactions
Week days: 8.00 am to 4.30 pm
Saturdays: 8.00 am to 2 pm
Inter-bank Transactions
Week days: 8.00 am to 7.45 pm
Saturdays: 8.00 am to 3 pm
NEFT timings Only Customer Transactions
Week days: 8.00 am to 7 pm
Saturdays: 8.00 am to 1 pm
The Board will also consider additional capital infusion by the government by way of preferential issue of shares subject to regulatory approvals, Executive Director M.K. Bhattacharya added.
Minister of State for Finance and Corporate Affairs Anurag Thakur said NCLT route should not be used by bankers to resolving stressed accounts on a daily basis.
