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
"Each bank had its own employee benefit schemes. The scheme that is most beneficial to the employees were extended to all the employees of the amalgamated entity. This way heartburns were not created," a top official of All India Bank Employees' Association said.
Banks have sought that loans extended to overdue accounts be considered under the standard category, or classified as standard restructured asset, which would lead to lower provisioning.
Banks have sought that loans extended to overdue accounts be considered under the standard category, or classified as standard restructured asset, which would lead to lower provisioning.
Banks have sought that loans extended to overdue accounts be considered under the standard category, or classified as standard restructured asset, which would lead to lower provisioning.
The Reserve Bank of India swiftly came out with guidelines to plug the identified gap and mandated banks to implement these on utmost priority. Banks took the necessary steps and met the regulatory directive of integrating the two systems mentioned earlier in this note.
SBI’s exposure to this project is Rs 1800 crore rest being from Punjab National Bank, Union Bank of India, Canara Bank, Indian Bank and Bank of Baroda.
