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
Net-net, foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 279.53 crore on Wednesday, data available with NSE suggested.
Some other non-anchor lenders in the mega merger exercise have also requested the government for new names and logo, unlike in the Bank of Baroda-Dena Bank-Vijaya Bank exercise, wherein the logos of all three lenders have been retained.
Bank unions on Wednesday called for a two-day nationwide strike on January 31 and February 1 after talks over wage revision failed to make headway with the Indian Banks' Association (IBA). The United Forum of Bank Unions (UFBU), which represents nine trade unions, said they will also hold a three-day strike from March 11-13.
Bank unions on Wednesday called for a two-day nationwide strike on January 31 and February 1 after talks over wage revision failed to make headway with the Indian Banks' Association (IBA). The United Forum of Bank Unions (UFBU), which represents nine trade unions, said they will also hold a three-day strike from March 11-13.
Under the scheme, the bankers' body has offered to pay 14 extra days of salary for staff of lenders that show a 10-15% increase in operating profit and 21 days for banks that report more than 15% rise in operating profit. IBA was earlier in favour of taking both operating profit and RoA as key metrics for defining organisational performance.
